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If you are confused about the current state of play of insurance companies investing in CLOs, rated feeder structures and other NAV based loans, we are here to help.
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At the bottom of the stack in investment fund structures, there are generally “real” assets—things like equity interests in portfolio companies, mortgage loans, commercial receivables, maybe even bricks and mortar. Fund finance transactions, though, are by design crafted to be at several levels removed from such underlying assets. With such ultimate assets remote from the transaction, it may seem to fund finance practitioners that concerns about changes in the Uniform Commercial Code relating to the nature of collateral assets are just as remote.
On September 18, 2023, the U.S. Basel III Endgame proposal was published in the Federal Register. The comment period ended on January 16, 2024, with the banking regulators (the Federal Reserve, the OCC, and the FDIC) having received hundreds of comments on the proposal. Acknowledging the many concerns raised in the comment letters, Federal Reserve Chairman Jerome Powell indicated in his March 2024 Congressional testimony that “there will be broad material changes to the proposal.” On June 24, Bloomberg reported that the Federal Reserve has “shown other US regulators a three-page document of possible changes to their bank-capital overhaul that would significantly lighten the load on Wall Street lenders."
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Cadwalader had a great time at the Second Annual Diversity in Fund Finance Summer Soiree: Suits & Soju, held at BARO by Chefs Society and co-sponsored by Cadwalader, Fried Frank and Lloyds.
Cadwalader was proud to be a lead sponsor of last week’s Securitization in Fund Finance conference in New York. The conference reflected the many ways in which the fund finance market is evolving with securitization increasingly playing a role.
This year is starting to feel a bit more normalized after the 2021-2022 record origination numbers followed by the 2023 market disruption. In many ways, fund finance has passed the stress test and moved forward. What has 2024 shown us through the first half?
The Fund Finance Association is pleased to share some exciting news about the evolution of the FFA's APAC Committees!
Partner Angie Batterson and Special Counsel Michael Celso Gonzalez both enjoyed speaking at the DealCatalyst Securitization in Fund Finance Conference this week in New York. Thank you to all those who joined to hear them discuss an Overview of the Spectrum of Structures in Fund Finance and Motivations and Strategies for CFO Issuance, respectively.
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The Diversity in Fund Finance Committee is excited to invite you to the Second Annual Summer Soiree: Suits & Soju!