The Lending and Secured Finance Review - Edition 2

Azadeh Nassiri
  • Editor:
  • Azadeh Nassiri
  • Slaughter and May

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This second edition of The Lending and Secured Finance Review comes on the heels of a period of volatility and the result of the United Kingdom’s referendum on EU membership – a topic that, unsurprisingly, dominated headlines and impacted deal volumes in the months leading up to the referendum.

During 2014 and 2015, the loan markets grew against a backdrop of greater economic stability and the return of M&A activity in Europe and globally, and 2015 was in fact the busiest year for the EMEA region since the credit crisis. Between January and June 2016, however, the market contracted quite significantly – a combination of factors, including the collapse in oil prices, the slowdown in China and the prospect of Brexit all contributed to chilling the global market for event-driven financings. Refinancing activity also fell in volume terms compared with previous years, many borrowers having sourced their needs for at least the next few years during the protracted period of favourable market conditions in 2014 and 2015.

In the aftermath of the referendum vote to leave the EU, corporate groups and other businesses (both domestic and overseas) face new risks and challenges that will need to be addressed, and the legal, regulatory and market outlook has been significantly altered, at least for the United Kingdom. At the time of writing, the shape of the United Kingdom’s future relationship with the EU remains unclear, and the immediate challenge for debt market participants is how best to weather the uncertain market conditions exacerbated by the prospect of Brexit.

The impact of Brexit on the availability of finance and the products on offer over the longer term is difficult to anticipate. There are no current indications that banks’ liquidity or funding positions have altered significantly, but it seems prudent to anticipate that lending criteria may tighten and banks will look closely at the impact of Brexit on their customers when approving new loans. Treasurers may focus again on alternative sources of finance. Pre-referendum, the involvement of direct lending funds, private placements and other alternatives to traditional bank finance was growing, supported by industry and government, but it remains to be seen whether this growth will continue.

About the Editor

Azadeh is a partner in the London office of Slaughter and May. She has a broad financing practice covering, among other things, investment-grade lending, as well as acquisition and leveraged finance transactions, and has advised on a number of complex, cross-border deals.

Acknowledgements

The publisher acknowledges and thanks the following for their learned assistance throughout the preparation of this book:

Austria

  • Leopold Höher
  • Wolf Theiss Rechtsanwälte/Attorneys-at-Law

Belgium

  • Kasper Van Landeghem
  • ALTIUS

Brazil

  • Bruno Balduccini and Roberto Panucci Filho
  • Pinheiro Neto Advogados

Canada

  • Jean E Anderson, David Nadler, Carrie B E Smit, Melaney Wagner and David Wiseman
  • Goodmans LLP

Cyprus

  • Kannava, Kitromilidou & Co LLC

England and Wales

  • Azadeh Nassiri and Kathrine Meloni
  • Slaughter and May

France

  • Karine Sultan, Yves Rutschmann, Mathieu Françon, Charlotte Bonsch, Aurélien Jolly and Anaïs Pinton
  • Bredin Prat

Germany

  • Christian Schmies, Nikolaus Vieten and Jens Wenzel
  • Hengeler Mueller, Partnerschaft von Rechtsanwälten mbB

Greece

  • George N Kerameus
  • KPP Law Firm

Hong Kong

  • Peter Lake
  • Slaughter and May

Ireland

  • John Breslin and David Burke
  • Maples and Calder

Italy

  • Giuseppe Sacchi Lodispoto and Raffaella Riccardi
  • BonelliErede

Japan

  • Kenichi Yamamoto, Taro Awataguchi, Kei Sasaki and Wataru Higuchi
  • Anderson Mōri & Tomotsune

Korea

  • Chan Moon Park, Seon-Jee Lee and James Geechul Lee
  • Kim & Chang

Luxembourg

  • Henri Wagner and François-Guillaume de Liedekerke
  • Allen & Overy

Netherlands

  • Jean-Marc Rovers and Jan Marten van Dijk
  • De Brauw Blackstone Westbroek

Portugal

  • Pedro Cassiano Santos, Alexandre Norinho Oliveira and Ricardo Seabra Moura
  • Vieira de Almeida & Associados, Sociedades de Advogados, SP, RL

Spain

  • Ángel Pérez López, Pedro Ravina Martín and Blanca Arlabán Gabeiras
  • Uría Menéndez Abogados, SLP

Switzerland

  • Patrick Hünerwadel, David Ledermann and Marcel Tranchet
  • Lenz & Staehelin

Taiwan

  • Abe Sung and Mark Yu
  • Lee and Li, Attorneys-at-Law

Turkey

  • Sera Somay and Esen Irtem
  • Paksoy

United Kingdom

  • Monica K Thurmond and Eric J Stoller
  • Paul, Weiss, Rifkind, Wharton & Garrison LLP

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