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There are different forms and treatments of subordination agreements in Swiss insolvency. This article is inspired by the authors’ experience representing the security agent of $1.75 billion bond issue of a Swiss based oil refinery group

Diversifying the sources of funding and reducing their dependency on bankers: SMEs can kill two birds with one stone

This traditional German debt instrument is attracting international interest

Balancing participation and risk management is key to successfully navigate the complexities of tenders

Terms for high yield bonds and leveraged loans continue to converge, driven by growing similarity in investor bases, increased market size and liquidity, and more oversight

The Irish parliament is debating a bill which, if passed, would regulate the owners of Irish loan portfolios. The proposed legislation – the Consumer Protection (Regulation of Credit Servicing Firms) [Amendment] Bill 2018 (the Bill) is understood to have been triggered by reports of intended loan sales by particular retail banks in Ireland. Since 2015, non-regulated owners of loan portfolios comprising loans to consumers and small and medium-sized enterprises (SMEs) have been required to appoint a regulated credit servicer to manage the portfolio. This was to ensure that consumers and SMEs would continue to enjoy their statutory customer protection even though their creditor was unregulated. Broadly, this ensured consumers and SMEs were in the same position as if facing a regulated retail bank. However, in some political circles this regime has been perceived as providing insufficient protection to borrowers.

In July 2017, the Spanish government announced the Extraordinary Road Investment Plan (Plan Extraordinario de Inversión en Carreteras or PIC). This plan involves investing €5 billion ($6.2 billion) to construct 2,000 km of highways over a four-year period (2017 to 2021).

The CMA is consulting on changes to the Enterprise Act for certain sectors, sparking concern for increased transaction costs: http://bit.ly/2GQsKsu

A lack of clarity and a stringent legal framework are deterring issuers

[OPEN ACCESS] The Treasury agency tells IFLR that lenders cannot ignore prudent risk management practices