Features

Stay up to date with the latest features and issues from the global financial markets:

How new asset classes and innovative structures are deepening the structured finance market in India

By Anshul Gupta and Harshit Rathi, Northern Arc Capital

Northern Arc has been at the forefront of innovation in the Indian structured finance market and over the past decade has launched many new structures and developed multiple non-conventional asset classes in India. Some of the structures it has pioneered include Multi Originator Securitisation (MOSEC®), India’s first Collateralised Loan Obligation (CLO) post Reserve Bank of India’s guidelines in 2012, Replenishment Based Persistent Securitisation (PerSec™), Single Originator Partially Credit Enhanced (SPiCE™) Bond and Pooled Bond/Loan issuance.

New life for US RMBS?

By John Levonick, Pepper Hamilton, LLP

The Ability-to-Repay and Qualified Mortgage regulation, to the TILA Amendments of the Dodd-Frank Act, was the US government’s response to the mortgage meltdown crisis of the 2000s. This rule is due for an amendment because of the sunsetting of an exemption to the strict Qualified Mortgage requirements, that was granted to loans guaranteed by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac).

New capital regulations on securitisation in Japan: Focus on risk retention requirements

By Hajime Ueno, Nishimura & Asahi

On March 15, 2019, the Financial Services Agency of Japan (“JFSA”) publicised a series of amendments to the regulations on the regulatory capital requirements for securitisation products, applicable to banks (excluding foreign banks’ branches in Japan but including all banks incorporated in Japan even if owned by foreign financial institutions; hereinafter the same) and other […]

UK corporate insolvency framework reform – the story so far

By Emma Lovell, R3

In August 2018, the UK Government announced reforms which, if introduced, could amount to the biggest shake-up of the UK’s insolvency and restructuring framework since the 2002 Enterprise Act.

Developments in cross-border insolvency: The UNCITRAL Model Law on Cross-border Insolvency and current issues

By Jenny Clift, UNCITRAL Secretariat, Office of Legal Affairs, United Nations

Recognising that disparities between the national laws governing international trade can potentially create obstacles to cross-border flows of goods and investment, in 1966 the General Assembly established the United Nations Commission on International Trade Law to serve as the vehicle by which the United Nations could play a more active role in reducing or removing those obstacles through modernisation and harmonisation of law.

Bond offerings and liability management exercises by sovereign and quasi-sovereign issuers

by Reuven Young and Radoslaw Michalak, Davis Polk & Wardwell LLP

Recent years have seen increased activity in the capital markets space by sovereign and quasi-sovereign issuers, including a number of “green bond” issuances and refinancings of outstanding debt. With this trend expected to continue, it is timely to analyse the options available to government issuers planning to issue debt in the international capital markets or engage in liability management exercises.

Ireland – The nexus of the global aircraft leasing industry

By Trevor Buckley, Acumen Aviation

The foundation of Guinness Peat Aviation (GPA) in the 1970s by Aer Lingus and the Guinness Peat Group, laid the foundations for Ireland to become a key early player in the global aircraft leasing industry.

A selective history of Dutch residential mortgage lending

By Merijn Bosman and Jasper Koops, Dynamic Credit Partners Europe B.V.

The Spanish-American philosopher George Santayana once observed that those who cannot remember the past are condemned to repeat it. In this article several turning points in the history of residential mortgage lending in the Netherlands are discussed. In chronological order this article will discuss the prevalence of peer-to-peer lending in the pre-1850 era, the rise of specialised mortgage banks in the 1860 to 1950 period, the dominance of financial-services conglomerates in the 1960-2013 period and the rise of non-bank lenders in the post-2013 period.

Bankruptcy trends in the US: Filings decline for the seventh year

By Samuel J. Gerdano and Ed Flynn, American Bankruptcy Institute

The bankruptcy laws in the United States are designed to provide a fresh start to debtors and to give fair treatment to creditors. Many prominent corporations have filed in recent years, and about one out of eight adults in America has filed a personal bankruptcy case. In this article, Samuel Gerdano and Ed Flynn of the American Bankruptcy Institute present a brief overview of recent bankruptcy developments in the US.