Fitch Ratings has released a report, Subscription Finance: A Primer, which covers common queries from market participants, including the effect of subscription facilities on fund cash flows and performance metrics, key features of subscription facilities, and market developments and historical performance. To access the report, click here.
Women in Fund Finance (WFF) U.S. is hosting a virtual panel on “Navigating ESG Communications: Strategies for Challenging Times” on Tuesday, February 28 at 11 a.m. EST. The panel will focus on ESG data, disclosure, and ratings/scoring and will explore how different types of data may be used for risk analysis/mitigation, strategic planning/value creation and stakeholder engagement/communication. Click here to register and for the speakers list.
Let’s toast to the hardworking women of the Fund Finance industry! Raise your glass with the FFA and WFF at OXO Restaurant in London on March 8 at 6:00 p.m. for a networking reception in honor of International Women’s Day. Visit here for more info.
Check out the new episode of Simpson Thacher’s podcast, The Funds Channel, for an insightful and in-depth discussion of NAV facilities and their increased presence in the Fund Finance market.
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Bank of America's Subscription Finance Group has made some recent promotions, including: Jose Liz-Moncion was promoted to Managing Director, and Maddie Barnhart and Caitlin Schwietering were promoted to Vice President. Congrats to all!
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Wells Fargo’s Subscription Finance Group has made some recent promotions, including: Michael Cardani was promoted to Managing Director; Hugh Dixon, Dominik Kania, Tim Parrish and Elena Yaichkova were promoted to Director; Matt Fernandez, Ryan Kennedy and Sara Panzeri were promoted to Vice President; and Hamlet Alvarado and Jack Fitzsimmons were promoted to Associate. Congrats to all!
The 12th Annual Global Fund Finance Symposium just wrapped up in Miami, and from all the buzz we observed – and experienced first-hand – it was another wonderful opportunity for the industry to come together for some serious learning, valuable networking and enjoyable socializing with friends both old and new.
At the outset of every credit agreement negotiation, the implicit goal is to reach an agreement on representations and covenants that allows the Fund to operate as needed while also protecting the lender(s) against current and potential risks. Despite these best laid plans, there are times when the Fund is unable (or will be unable) to comply with the credit agreement. Virtually all credit agreements have a reporting covenant that requires the Fund to provide notice of any potential default or event of default at such time that a covenant has not been complied with or a representation was inaccurate when made. It is at this point that the Fund will inevitably ask for a waiver or a consent. These terms are often used interchangeably, but they have differing uses in different contexts.
Coming off of the close of a badly bruised broadly syndicated loan market in 2022, it is no surprise that the global Fund Finance Association kicked off its 12th annual conference in Miami with a conversation with the “Titans in Finance.”