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NAV and Holdco back leverage facilities: balancing stakeholder interests to maximise value creation
The rapid evolution of fund finance has propelled Net Asset Value and Holdco back leverage facilities (that is, facilities in which one or more holding companies below the fund enter the financing) to the forefront of liquidity and portfolio management for funds across asset classes. These facilities, which allow funds to borrow against the value of their underlying investments, have become increasingly sophisticated and prevalent. As the market matures, both limited partners and lenders are sharpening their focus on transparency, risk management and enforceability. This article explores the practical realities of collateral enforcement, the legal guardrails being adopted, and the value these facilities can unlock; balancing the perspectives and interests of limited partners, general partners, and lenders.
10 January 2026Loan participations: conflict-of-laws challenges under English and New York law
This article examines the divergent treatment of loan participations under English and New York law, focussing on how each jurisdiction characterises the legal relationship between grantor and participant. It explores the conflict-of-laws challenges that arise when structuring cross-border financing transactions in which the underlying loan and participation agreement may be governed by different legal systems.
22 November 2025Digitising collateral: the LBMA’s digital gold initiative and UCC Art 12
Gold and other precious metals have long been central to the financial system and remain key assets today. However, as global markets expand and technology advances, traditional transactional approaches risk falling behind. London’s $900bn bullion market is preparing to test a new initiative: a digital version of gold. The initiative aims to modernise the way gold is owned, traded, and settled, and facilitates the use of gold as collateral. This shift, together with developments such as Art 12 of the Uniform Commercial Code, bridges the gap between tradition and innovation, simplifying transactions under clearer frameworks and expanding market opportunities.
22 November 2025Financing data centres in the US and Europe: Part 2
In our previous article ('The key characteristics of data centres in the US and Europe: an overview for those involved in financings – Part 1' (2025) 10 JIBFL 694), in order to provide some background as to data centres as an asset class, we looked at data centres' real estate fundamentals, where in the world they are located, and different types of data centre. We also touched on concerns around energy, electricity, heating, cooling and water, all of which in turn make ESG topical in the context of data centres.
In this second article, we will discuss the financing of data centres, focusing particularly on the capital markets. No consideration of this topic would be complete without considering the pre-eminent US data centre financing market, so we will look at this, and in particular the division there between asset-backed securitisations and commercial mortgage-backed securitisations. We then move on to consider recent European data centre financings; their key features and how we expect this financing market to develop.
In this article we will not explain the basic fundamentals of financings, as this is intended for an audience which is already reasonably familiar with these structures.
Debt relief moratoria: important issues for creditors
The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England and Wales) Regulations 2020/1311 (the Regulations), which were made under s 7 Financial Guidance and Claims Act 2018, created two types of debt relief moratorium:
(i) the breathing space moratorium, providing short term relief to debtors to enable them to obtain debt advice; and
(ii) the mental health crisis moratorium, providing relief to debtors undergoing a mental health crisis.
A moratorium affords the debtor far-reaching protection by significantly restricting the rights of affected creditors during the lifetime of the moratorium, most notably the right to take enforcement action.
There have now been a number of cases considering the Regulations but, as this article explains, aspects of their operation are ill-defined, and their scope remains uncertain in important ways. This article identifies the contentious and problematic elements of the Regulations and surveys the case law.
Legislating virtue: unfair relationships in the Supreme Court
This article considers three aspects of the Supreme Court’s decision on unfair relationships in Hopcraft : (i) the new approach to undisclosed commissions; (ii) the approach to the commercial tie; and (iii) the nature of the remedy. In the light of that analysis, some comments are offered on the nature of the jurisdiction.
22 November 2025Super senior Revolving Credit Facility: a legacy product?
Virtually all businesses need or want a line of credit to provide working capital to support daily operations and growth. Sponsors need to balance this operational need with the importance of moving quickly and execution certainty. As a result market practice has developed Revolving Credit Facility (RCF) Establishment provisions to mitigate this challenge by agreeing up-front mechanics for bringing in a working capital provider post-closing. The legal position is now well established for this approach. However, a commercial tension remains on the super senior RCF product itself so implementation variations and the unitranche/SSRCF structure that had become the norm are being tested.
22 November 2025Sustainable Finance: Newspeak
This article explores one of several issues potentially causing difficulties within the area known as “sustainable finance”. It focuses on the use of language and raises questions around the particular style of phrasing prevalent throughout the emerging taxonomies, sustainability reports, financial products and other materials which comprise the sustainable finance market. After briefly describing examples of these issues, this article advocates returning to language and grammar which is plain and simple.
22 November 2025Tokenised Islamic finance products: Shariah compliance meets digital innovation
Tokenisation, the representation of ownership interests and contractual rights as digital tokens recorded on distributed ledgers, is increasingly intersecting with Islamic finance. The opportunity is practical; broader market access, faster settlement, improved transparency and audability, and the potential to hard-wire compliance into product lifecycles. The challenge is equally clear. Structures must continue to satisfy foundational Shariah requirements prohibiting interest, excessive uncertainty and speculation, even as issuance, custody and secondary trading migrate to digital rails. Across the Gulf Cooperation Council (GCC) region, policymakers and market participants are moving beyond pilots to first-generation frameworks and transactions. Bahrain has adopted a stablecoin issuance and offering framework that embeds Shariah governance for Islamic-labelled products, while in the United Arab Emirates (UAE) the new CBUAE law (Federal Decree-Law No. (6) of 2025) provides a statutory pathway for "currency in digital form" as legal tender issued by the UAE Central Bank. This sts alongside the binding Higher Shariah Authority framework that adopts the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) standards for licensed Islamic Institutions. These measures signal a maturing regulatory environment for tokenised Islamic products.
For the purposes of this article, tokenised Islamic finance products refer to digital instruments structured to comply with the principles of Shariah and recorded on either permissionless public chains or permissioned networks operated by regulated institutions. They include security tokens, such as tokenised sukuk or equity interests; asset-backed tokens that evidence ownership in identifiable real assets or usufructs; and payment or utility tokens, including fiat-referenced stablecoins and bank deposit tokens used for settlement. Our primary focus is the GCC, in particular the UAE, Saudi Arabia and Bahrain. The analysis draws on standards and guidance issued by AAOIFI and the Islamic Financial Services Board. Where relevant, we refer to Federal Decree-Law No (6) of 2025 as “the new CBUAE law”.
Challenging the status quo: designated counsel and sponsor blacklists
In this article Michelle Gilmore-Parry explores the recent adoption of sponsor blacklists in European leveraged financings and discusses some key considerations for lenders.
22 November 2025
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