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The International Comparative Legal Guide to: Lending & Secured Finance

Lending & Secured Finance

Thomas Mellor (Herausgeber)

Buch | Softcover
500 Seiten
2023 | 11th Revised edition
Global Legal Group Ltd (Verlag)
978-1-83918-265-5 (ISBN)
367,85 inkl. MwSt
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Welcome to the 2023 edition of ICLG - Lending & Secured Finance. Morgan, Lewis &
Bockius LLP is honoured to serve as the Guide's Contributing Editor.
As this 11th edition goes to press, hostilities in Ukraine have entered a second year and
uncertainty regarding the conflict and concern for its victims weighs on the minds of
people across the world. Inflation has reached levels not seen for decades, impacting
interest rates, purchasing power and economic growth, and creating headwinds for
many financial markets. More positively, the very challenging human costs of the
global pandemic seem to be lessening, and supply chain concerns seem to be easing.
And the possibility that technology can materially and positively impact the human
condition was given further credence by, among other news, the announcement by a
team of US scientists of a nuclear fusion "breakthrough" in December 2022 that could
someday help end dependence on fossil fuels.
As with other geopolitical, economic, scientific and human events with global consequences,
the loan markets will endure and adapt. The chapters that follow provide some insights as
to how the loan markets have weathered other global events. With respect to these most
recent developments, some resulting changes to the loan markets seem obvious; for others,
it is too early to assess.
I would like to extend my sincere appreciation and thanks to the contributors to this
volume. It is the commitment of the LSTA, the LMA and the APLMA, and lawyers from
the leading law firms of the world, that contributes to the success of this publication year
after year. This year, we also welcome the chapter from the legal department at HSBC,
which provides a useful reference point to our readers from a leading international bank.
We hope you find this 11th edition of the Guide useful, and we encourage you to contact
us with suggestions to improve future editions.

Editorial Chapters
1 Loan Syndications and Trading: An Overview of the Syndicated Loan Market
Bridget Marsh & Tess Virmani, Loan Syndications and Trading Association
6 Loan Market Association - An Overview Hannah Vanstone, Loan Market Association
13 Asia Pacific Loan Market Association - An Overview Andrew Ferguson, Juliana Shek & Ivy Lui, Asia Pacific Loan Market Association

Expert Analysis Chapters
16 An Introduction to Legal Risk and Structuring Cross-Border Lending Transactions
Thomas Mellor, Marcus Marsh & Jasmine Badreddine, Morgan, Lewis & Bockius LLP
21 Global Trends in Leveraged Lending
Joshua Thompson, James Crooks & Bryan Robson, Sidley Austin LLP
32 Financing the Take-Private of a US Company: Considerations for Lenders
Scott M. Herrig, Cheryl Chan, Randy Dorf & Sarah Hylton, Davis Polk & Wardwell LLP
37 2023: A Regulatory Perspective
Bill Satchell & Lena Kiely, Allen & Overy LLP
46 Acquisition Financing in the United States: A Year of Two Halves
Geoffrey Peck & Jeff Xu, Morrison & Foerster
52 A Comparative Overview of Transatlantic Intercreditor Agreements
Miko Bradford & Benjamin Sayagh, Milbank LLP
61 Fund Finance: Past, Present and Future
Wes Misson & Sam Hutchinson, Cadwalader, Wickersham & Taft LLP
64 Recent Developments in U.S. Term Loan B
Denise Ryan, Kyle Lakin & Allison Liff, Freshfields Bruckhaus Deringer LLP
73 The Dynamics of European Covenant Lite
Jane Summers, Daniel Seale & Manoj Bhundia, Latham & Watkins LLP
78 Analysis and Update on the Continuing Evolution of Terms in Private Credit Transactions
Sandra Lee Montgomery & Michelle L. Iodice, Proskauer Rose LLP
88 Trade Finance on the Blockchain: 2023 Update
Josias Dewey, Holland & Knight LLP
95 Financing Your Private Debt Platform
Dechert's Global Finance Team
106 What's in a Name? That Which we Call a Loan by Any Other Name is Still a Loan
Kalyan "Kal" Das, Gregg Bateman, Y. Daphne Coelho-Adam & Michael Danenberg, Seward & Kissel LLP
113 2023 Private Credit and Middle Market Update: Special Situations Analysis, Readying for a Recession
Jeff Norton, Daniel Shamah & Joseph Zujkowski, O'Melveny & Myers LLP
117 Recent Trends in Sustainable Finance
Lara M. Rios, Camilo Gantiva & Allison Skopec, Holland & Knight LLP
126 Transitioning from LIBOR to a New Era
Tim Rennie, Darren Phelan, Matthew Haist & Sarah Curry, Ashurst LLP
131 Introduction to Recurring Revenue Financings
Ilona Potiha Laor, Stanimir Kostov, Eugene Pevzner & Dimitar Grozdanov, Allen & Overy LLP
134 Comparing Private Credit Key Terms in the U.S., U.K. and Continental Europe
Andrew Young, Jim MacHale, Steffen Schellschmidt & Folko de Vries, Clifford Chance LLP
139 Exchange Offers and Other Liability Management Options for High-Yield Bonds
Jake Keaveny, Anthony K. Tama & Courtland Tisdale, Cahill Gordon & Reindel (UK) LLP
146 Structuring the Cross-Border Secured Credit Facility: When Security Matters
David W. Morse, Otterbourg P.C.
151 Liability Management Using Uptier Transactions - Recent Case Developments
Monica Thurmond, Suhan Shim & Margot Wagner, Paul, Weiss, Rifkind, Wharton & Garrison LLP
156 Subordination in US Operating Company Capital Structures: A Primer
Daniel Bursky, J. Christian Nahr, Mark Hayek & Eliza Riffe Hollander, Fried, Frank, Harris, Shriver & Jacobson LLP
163 Banking Does Not Look Like it Used to: An In-House Legal View
Inna Jackson, Laura Monte, Todd Schmid & Omar Shakoor, HSBC Bank USA, N.A.

Q&A Chapters
168 Australia Gilbert + Tobin: Robert Trowbridge
177 Austria Fellner Wratzfeld & Partners: Markus Fellner, Florian Kranebitter & Philipp Schanner
189 Bermuda Wakefield Quin Limited: Erik L. Gotfredsen & Jemima Fearnside
197 Brazil Levy & Salomao Advogados: Luiz Roberto de Assis & Fabio Kupfermann Rodarte
207 British Virgin Islands Maples Group: Michael Gagie & Matthew Gilbert
215 Canada McMillan LLP: Jeff Rogers, Don Waters, Maria Sagan & Rachael Girolametto-Prosen
226 Cayman Islands Maples Group: Tina Meigh & Bianca Leacock
234 Costa Rica Cordero & Cordero Abogados: Hernan Cordero Maduro & Ricardo Cordero B.
243 Croatia Macesic and Partners LLC: Ivana Manovelo
252 England Allen & Overy LLP: Oleg Khomenko & Jane Glancy
263 Finland White & Case LLP: Tanja Toernkvist & Krista Rekola
272 France Orrick, Herrington & Sutcliffe (Europe) LLP: Carine Mou Si Yan
283 Germany SZA Schilling, Zutt & Anschutz Rechtsanwaltsgesellschaft mbH: Dr. Dietrich F. R. Stiller & Dr. Andreas Herr
293 Greece Sardelas Petsa Law Firm: Notis Sardelas & Aggeliki Chatzistavrou
302 India Wadia Ghandy & Co.: Nihas Basheer
312 Indonesia ATD Law in association with Mori Hamada & Matsumoto: Alfa Dewi Setiawati
319 Ireland Dillon Eustace LLP: Conor Keaveny, Jamie Ensor, Richard Lacken & Shona Hughes
331 Italy Allen & Overy Studio Legale Associato: Stefano Sennhauser & Bianca Lascialfari
341 Japan Mori Hamada & Matsumoto: Yusuke Suehiro
349 Jersey Carey Olsen Jersey LLP: Robin Smith, Kate Andrews, Peter German & Nick Ghazi
360 Luxembourg SJL Jimenez Lunz: Antoine Fortier Grethen & Esteban Thewissen
369 Netherlands Freshfields Bruckhaus Deringer LLP: Mandeep Lotay & Tim Elkerbout
377 Nigeria Udo Udoma & Belo-Osagie: Onyinye Okafor, Chisom Okolie & Oluwatobi Akintayo
386 Panama Morgan & Morgan: Kharla Aizpurua Olmos
394 Peru Miranda & Amado Abogados: Juan Luis Avendano C. & Jose Miguel Puiggros O.
404 Singapore Drew & Napier LLC: Pauline Chong, Renu Menon, Blossom Hing & Ong Ken Loon
416 South Africa Allen & Overy (South Africa) LLP: Ryan Nelson & Cynthia Venter
428 Spain Cuatrecasas, Goncalves Pereira, S.L.P.: Hector Bros & Manuel Follia
441 Sweden White & Case LLP: Carl Hugo Parment & Magnus Wennerhorn
449 Switzerland Bar & Karrer Ltd.: Frederic Betrisey, Taulant Dervishaj, Lukas Roesler & Micha Schilling
459 Taiwan Lee and Li, Attorneys-at-Law: Hsin-Lan Hsu & Odin Hsu
468 United Arab Emirates Morgan, Lewis & Bockius LLP: Amanjit Fagura & Tomisin Mosuro
484 USA Morgan, Lewis & Bockius LLP: Thomas Mellor, Katherine Weinstein & Rick Denhup

Erscheint lt. Verlag 22.5.2023
Reihe/Serie The International Comparative Legal Guide to: Lending & Secured Finance ; 11
Verlagsort London
Sprache englisch
Maße 210 x 297 mm
Themenwelt Recht / Steuern Allgemeines / Lexika
Recht / Steuern EU / Internationales Recht
Wirtschaft Betriebswirtschaft / Management Finanzierung
ISBN-10 1-83918-265-2 / 1839182652
ISBN-13 978-1-83918-265-5 / 9781839182655
Zustand Neuware
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