Grexit: Grief or Gift?

On July 5, the Greeks voted emphatically against their creditors’ proposals.  Earlier that week, the IMF released a report in which it recommended a comprehensive recover plan that included a debt relief or a debt moratorium for at least 20 years.

WHO IS AT RISK?

Previous bail out plans have mainly served to reduce the exposure of private creditors, i.e … Continue Reading

CMBS 2.0 – Quantum or Solace

Sunday marked the fourth anniversary since Deutsche Bank successfully brought to market Deco 2011-CSPK (“Chiswick Park”).  As many market observers will testify, this was a defining moment  for the European CMBS market as it not only marked the return of true primary issuance but the transaction included structures that were designed to overcome many of the structural flaws … Continue Reading

Who needs New York law when you can have an English scheme of arrangement instead?

DTEK Finance B.V., Re [2015] EWHC 1164 (Ch)

Following upon the November judgment in Re APCOA Parking Holdings GmbH, last week Mrs Justice Rose sanctioned a scheme of arrangement between the Dutch company DTEK Finance B.V. (“DTEK”) and holders of notes issued by DTEK in 2010 (the “Notes”). This is notable in that it reinforces the finding in APCOA … Continue Reading

Mini-bonds – So good things come in small packages?

Minibonds photoThis may be a slightly odd question with which to start a legal blog post, but do you like burritos, wine, or chocolate? Who doesn’t, right? If only there was a way of making money off your addiction to tasty Mexican treats or decadent Swiss truffles? Well, as it turns out, there might be…

Mini-bonds have become an increasingly popular … Continue Reading

The Capital Markets Union – a great race?

Running man - RBSUThe Investment Plan, developed by the European Commission, has the potential to be one of the most important and radical changes to how the European Union operates in the last 25 years.  Not only will it seek to harmonise the financial and regulatory barriers to investment, but it will look to harness the collective power of the EU and … Continue Reading

CMBS 2.0 IN FOCUS: Class X – a Class Act!

The emergence of European CMBS 2.0 can be directly traced back to Deutsche Bank’s Deco 2011-CSPK which closed in June 2011.  Since that issuance, there have been several deals brought to the market by not only Deutsche Bank but also Bank of America Merrill Lynch and Goldman Sachs as well as three deals arranged by Cairn Capital, a non-bank.  Given … Continue Reading

Is CMBS the answer to Italian bank deleveraging woes?

According to a recent report published by Cushman & Wakefield’s (C&W), 2014 was a massive year for the non-performing loan (NPL) market with the execution of a record €80.6bn of European commercial real estate and real estate owned transactions.  Placing this figure into context, the C&W report stated that this “represented growth of 156% on the volume for 2013 Continue Reading

CMBS – it’s time to dance to the beat!

During the European Autumn CREFC conference, a panel of leading CMBS participants were posed the question of whether European CMBS was stuck at the bar while the market danced.  The general consensus of the panel was that although CMBS may have moved away from the bar, it was standing very much at the edge of the dance floor.  Given the … Continue Reading

The issue of sanctions

Much has been written regarding the recent EU and US sanctions targeting the Russian capital markets, military and oil sectors (our own commentary can be found here) and the broad nature of the sanctions has, it would seem, produced some (probably) unintended consequences when applied to the mechanics of day to day capital markets operations.  On their face, the … Continue Reading

Quelle horreur!

€32,000,000.  A horror indeed for Colliers International UK (plc) (Colliers) as Mr Justice Blair awarded that amount to the issuer of the Titan Europe 2006-3 CMBS (Titan).  The judgment was for the loss suffered by Titan in relation to the negligent valuation by Colliers of a property in Nuremberg originally occupied by the (now bankrupt) German … Continue Reading

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