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).
The Russian invasion of Ukraine brought sanctions to the forefront in the past week, with significant compliance implications for financial institutions and a minor update to fund finance credit agreements. Specifically, the “Sanctioned Country” defined term in our form credit agreements has been updated to include the regions referred to as the Donetsk People’s Republic and the Luhansk People’s Republic, formal recognition of which by Moscow triggered the application of comprehensive territorial sanctions earlier this week. The real work, as Cadwalader’s James Treanor points out in a Law360 article yesterday, will be the internal processes at financial institutions to identify and stop processing prohibited transactions involving newly sanctioned Russian banks and other entities and individuals targeted by the United States and other countries.
The FFA brought together over 800 investors, fund managers, bankers and lawyers for the 11th Annual Global Fund Finance Symposium last week in Miami. To kick off the final day of the conference, Natasha Puri (Lloyds Bank) was joined by Sekou Kaalund (JPMorgan’s Corporate and Investment Bank) for a keynote discussion on Diversity in Fund Finance.