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regulation & legal

France’s trust structure has proved its potential for risk mitigation in the higher risk-return part of the credit spectrum, and its potential for more vanilla or investment-grade financing is becoming clear. Benjamin Raillard of Solutions Fiducie explains
Private equity firms and their lawyers argue that loosening the restricted payments covenant is necessary to ensure their interests match those of the borrower by keeping the sponsored company in financial good health. But it’s a controversial development, finds David Turner
In February, Blackstone’s Jon Gray explained why it is time to respond to private investment’s naysayers with a targeted campaign of facts about the sector’s non-financial efforts.
The covid-19 pandemic represents the first real test of the framework in the private sector. Here’s why.
Lawyers from Paul Weiss pinpoint the areas of a private equity firm operations that may need to be adjusted to account for the coronavirus outbreak, including fund documentation, valuation and banking relationships.
The proposed ending of the benchmark in 2021 is focusing lenders’ minds on what comes next. Jamie Macpherson of Macfarlanes assesses the likely ways forward, together with the challenges
The UK's regulator has thrown its support behind the SONIA benchmark as a replacement for LIBOR, which could have knock-on consequences for private debt documentation.
Faster chapter 11 cases have now become possible and private debt firms are expected to be in the vanguard of this development. David Hillman, Elisabeth Baltay and Chris Theodoridis of Proskauer explain why.
Fewer covenants can provide greater flexibility in dealing with portfolio company difficulties, but they may also prevent lenders from negotiating rescue plans with borrowers and sponsors. Andy Thomson and Andrew Hedlund investigate
France is seen by some as insular and unfriendly to business, but its booming private debt industry is proof that the stereotypes are not always true.

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