The LIBOR transition process continues to roll along. New transactions are (mostly) being closed without using LIBOR any more, and many legacy transactions are naturally transitioning when refinanced or renewed this year. However, a significant portion of the legacy loan market remains that will require active transition at or before LIBOR cessation on June 30, 2023. In order to help members think through the process, the LSTA has produced and distributed a series of amendment forms that may be used by market participants as part of the LIBOR transition.
This week, Women in Fund Finance hosted a panel discussion, "Infrastructure Fund Life Cycle Considerations: A Bank and Funds’ Perspective." The esteemed panel included Adina Schwartz from Morgan Stanley, Micaela Mastrogiannis from KKR, Vicky Du from Standard Chartered, and Sarah Elliot from NAB. The panel was moderated by Carolyn Baker from Commonwealth Bank of Australia. This robust discussion focused on the unique challenges of using fund level credit facilities, including subscription, NAV, or hybrid, and providing liquidity management solutions throughout the lifecycle of an infrastructure fund.
Cadwalader’s financial services team hosted the first part of a four-part webinar series on capital relief trades and opened registration for the second installment.
Moody’s Investors Service this week published a brief overview on capital call lending. Rather than ratings metrics, the write-up focuses on the role of capital call lending in the banking sector. Available behind a paywall here.
Do you know a Rising Star with an outstanding overall contribution to the Fund Finance industry? Nominate them here to be recognized at the 2022 annual "Rising Stars" award ceremony. The Fund Finance Association, in collaboration with NextGen, is eager to celebrate individuals with less than 10 years of fund finance experience who emphasize our industry’s career pillars, such as professional contributions focused on excellence in client service, diversity and inclusion, training and mentoring, networking and community service. Nominees can be nominated by anyone, any number of times, by July 29. Click here to nominate someone.
The Wall Street Journal this week published an article focused on how investors are addressing over-allocations to private equity using fund finance solutions like preferred equity and collateralized fund obligations as an alternative to reducing new commitments and sales in the secondary market. The subscription-required article is accessible here.
Scott Aleali and Jeff Maier hosted former Wake Forest and Charlotte Hornets star Muggsy Bogues this week on Fund Fanatics for a wide-ranging conversation, including his NBA career, overcoming adversity, leadership and culture, and his philanthropic activities. Watch the episode here.