As anticipated in our recent Fund Finance Friday article on the topic, the addition of the Cayman Islands to the EU AML list will become effective from this Sunday, 13 March.
Women in Fund Finance is hosting a panel discussion next Tuesday, March 15 on "The Talent Gap" in the Fund Finance market. Panelists will include leading headhunters. For more information, click here.
Brickfield Fund Finance Recruitment is later this year producing an updated and extended edition of its Fund Finance Bankers Compensation Report, which this time will also include other recruitment-related data and intelligence.
Scott Aleali and Jeff Maier released a new episode of Fund Fanatics, this one including a wrap-up of the FFA Conference featuring FFA board members Tina Meigh and Mike Mascia. Available here.
Stifel is looking for an analyst to join its growing fund banking team.
Wells Fargo is hiring four Investment Banking Program Analysts in either New York, Los Angeles and Charlotte.
The Fund Finance Association this week released photographs from the recent 11th Annual Global Fund Finance Symposium in Miami. The photo album is available here.
Women in Fund Finance had the pleasure of speaking with Lisa Stoner, Global Head of Support Operations and Former Co-Chair of Women of Uber, for a fireside chat, moderated by Michele Simons and Erin Goldstein of Wells Fargo, at the National Arts Club in New York.
The session was highly informative, as Lisa shared insights about paving her own path and how she created an opportunity which propelled her into a creative and impactful position.
Kroll Bond Rating Agency is seeking an experienced funds attorney to join its Ratings Legal team in its New York office, supporting KBRA’s funds credit ratings business.
Cadwalader’s London Fund Finance team has bolstered its senior talent and NAV and sub-line capacity with two recent strategic hires. The team, which is now one of the largest law firm teams in Europe dedicated solely to fund finance, is pleased to welcome on board these new team members and to introduce them to you.
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Anika Rahman recently joined the Fund Finance team as an Associate, having previously worked for an international law firm and as in-house counsel for a global investment bank in its fund finance team. Anika has extensive experience across the full range of fund finance products, from subscription line, NAV, hybrid, umbrella and GP line facilities to some of the largest syndicated financings in the market. |
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Tom Spinks joined the Fund Finance team as an Associate from an international law firm. Tom’s experience covers a diverse range of fund finance products, with a particular focus on infrastructure funds. Tom has more than ten years’ experience advising some of the largest European infrastructure funds and their lenders on all aspects of their funding requirements. |
Our topic today is breakage costs (also called “break funding” costs) in your new SOFR credit agreements. Someone in the market recently asked: “I have a friend (OK, it’s me) who’s negotiating a credit agreement. We received comments regarding the old LIBOR break funding provisions. How do I explain what’s relevant in our new SOFR-only world?” The short answer to your friend is that both Term SOFR and Daily Simple SOFR may have breakage costs (although the breakage costs for an overnight rate like Daily Simple SOFR would likely be less than the breakage costs for Term SOFR, which is a tenored rate).