• Video: Chile’s New Electricity Highway

    6 Sep 2017

    Partners Cynthia Urda Kassis and Alexandro Padrés (both New York-Project Development & Finance) discuss how the Transmisora Eléctrica del Norte S.A. (TEN) financing project transformed Chile’s transmission development, aligning infrastructure to policy objectives by creating an opportunity for renewable sources to be better integrated into the market.

  • New Case Law on Upfront Fees in German Loan Agreements

    24 Aug 2017

    On 4 July 2017, the German Federal Court of Justice (BGH)—in two separate cases—held that pre-formulated agreements on work fees that are payable independent from the term of the underlying loan and agreed between a financial institution and an entrepreneur (Unternehmer) are invalid.

  • Financing Hotels in the United States: Key Considerations

    29 Jun 2017

    Hotels differ from other types of stabilized properties in several major ways. The purpose of this article is to highlight how the distinguishing factors impact the way that owners and lenders approach the negotiation of key elements of hotel financings in the United States.

  • Leveraged Lending: Summary of ECB Guidance compared to US Guidance

    21 Jun 2017

    In May 2017, the European Central Bank published its final Guidance on Leveraged Transactions (the “ECB Guidance”). The ECB Guidance will come into effect six months after publication and will apply to all “significant credit institutions” supervised by the ECB. When drafting its guidance the ECB took into account comments from market participants, many of which focused on aligning the ECB Guidance with the Interagency Guidance on Leveraged Lending (the “US Guidance”) promulgated by the several departments of the United States government in March 2013. 

  • ECB Publishes Final Guidance on Leveraged Transactions—
    What This Means for Banks

    22 May 2017

    After a period of public consultation, the European Central Bank (the “ECB”) published its final Guidance on Leveraged Transactions (the “Guidance”) on 16 May 2017 . Twenty-four organisations (comprising credit institutions and market associations) commented directly on the ECB’s draft guidance. Most comments focused on ensuring consistency between the ECB’s Guidance and the 2013 Interagency Guidance on Leveraged Lending in the US (the “US Guidance”) and ensuring market viability in Europe. We wrote about potential issues raised by the ECB’s draft guidance in our last briefing; here, we discuss the most relevant changes that made the final edit and, in addition, certain points that did not change despite representations from participants during consultation on the draft guidance.

  • Taxation of Restructuring Profits in Germany - Tax Administration and Legislator Swiftly React to a Recent Detrimental Decision of the German Federal Fiscal Court

    5 May 2017
    A recent decision by the German Federal Fiscal Court (BFH) has caused significant concerns in the restructuring community because it will severely complicate future restructurings in Germany or even make them impossible overall.
  • Clancy, Ryan and Sherman Write Article on the Hague Securities Convention

    5 May 2017

    Partner Patrick Clancy (London-Finance) and of counsel Reade Ryan and Steven Sherman (both New York-Finance) have authored an article titled "Hague Securities Convention - The Right Way Forward" that has been published in the May 2017 edition of International Financial Law Review (IFLR).

  • Bjerke Writes Chapter on ‘Securitisation in Light of the New Regulatory Landscape’

    27 Apr 2017

    Partner Bjorn Bjerke  (New York-Finance) has authored a chapter in The International Comparative Legal Guide to: Securitisation 2017 titled “Securitisation in Light of the New Regulatory Landscape.

  • Hague Securities Convention to Enter Into Effect in the United States

    23 Mar 2017
    On April 1, 2017, the Hague Securities Convention — or by its actual name, the Convention on the Law Applicable to Certain Rights in Respect of Securities Held with an Intermediary — will enter into effect in the United States. The Convention changes existing US State law relating to the choice of law governing certain contracts pertaining to securities held with an intermediary in a securities account. It does not change any substantive law. As a result, both new and existing secured transactions and conveyances involving securities held with an intermediary in a securities account should be scrutinized to be sure that the parties’ intentions are reflected, taking into account the changes wrought by the Convention.
  • How the Trump Presidency May Affect Commercial Real Estate Investment in Mexico

    Winter 2017
    As the United States’ neighbor and second-largest trading partner, no country has followed President Trump’s rhetoric quite like Mexico. While sometimes it seems that even soothsayers cannot predict what the President will say or do next, below we summarize several themes that may impact the commercial real estate markets, Mexican REITs (FIBRAs) and cross-border commercial real estate investment from the United States to Mexico.
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