Tag Archives: capital markets

Russian Sanctions: Provision of corporate services and ‘indirect’ assistance

Read time: 2 minutes 30 seconds On 8 May 2022, OFAC issued a determination (Determination) pursuant to Executive Order (E.O.) 14071 (issued on 8 April 2022), “Prohibitions Related to Certain Accounting, Trust and Corporate Formation, and Management Consulting Services,” prohibiting: “The exportation, reexportation, sale, or supply, directly or indirectly, from the United States, or by a United … Continue Reading

Indemnities – beware the consequences of “reasonableness”

Read time: 4 minutes The provision of indemnities, particularly those provided to corporate trustees and agents, is an important feature of an effectively functioning structured finance market.  It enables the parties involved to allocate the risks of unforeseen expenditure to those parties with the ultimate economic interest in the transaction and allows trustees and agents … Continue Reading

Fairhold Securitisation – can noteholders claim advisers’ fees through the trustee?

Read time: less than 1 minute This week saw the High Court clash between the swap provider, UBS, and the recently appointed replacement note trustee (Glas Trust Corporation) on the embattled Fairhold Securitisation.  The dispute at hand centres on whether or not the ad hoc noteholders group’s fees and expenses (comprising the fees of its … Continue Reading

Indian Bond Defaults and Bond Restructurings: More Scheming Ahead?

With yet another foreign convertible bond default hitting our desk, we cannot help but wonder what the future has in store for Asian convertible bonds and debt capital markets restructurings.  This is particularly relevant when you consider that Indian companies and banks issued foreign currency bonds aggregating up to approximately $6.3 billion in the first quarter … Continue Reading
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