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David Arthurson has joined Standard Chartered Bank as Executive Director in its Financial Strategic & Investors Group. |
The FFA earlier this week requested nominations for several awards that will be presented at the FFA's Global Fund Finance Symposium in Miami on February 12-14, 2020.
Here are updates to our Fund Finance Calendar.
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This week we connect with Alex Bolton for a sweeping discussion that covers competing in a crowded lending market and the outlook for fund-level asset-backed lending, as well as his observations on deal pricing. Alex is a senior banker in the New York fund finance team of National Australia Bank. |
A regime for a mix of events which require mandatory prepayment and options for borrowers to make voluntary prepayments, as well as mandatory or voluntary cancellations, are a common feature of all LMA-based loan documents, and a subscription/capital call facility is no exception.
An IASB accounting standard set to take effect in 2021 may lead non-U.S. insurance companies to increase allocations to private funds to diversify existing holdings and to enhance returns.
In the United States, while there are certainly exceptions, it has become a common market custom for the debt limitations in a subscription facility to simply incorporate the debt limitation(s) in the fund’s partnership agreement (the “LPA”). We reviewed a facility recently where that construct had the potential for a syndicate member to get sideways with the terms of their initial credit approval, so we wanted to highlight the issue.
Fitch Ratings recently published a primer on the securitization of private equity fund interests or "LP interests" (typically called "collateralized fund obligations" or "CFOs").
Our London team hosted a special private function for their clients and families on 12 October with performances from entertainers, including a private performance from leading comedian and “8 out of 10 Cats star” Sean Lock and a few other famous faces!
Offshore law firm Ogier earlier this week published an article about Powers of Attorney as a component of a subscription line lender’s security package.