Elliot Ganz, head of advocacy and co-head of public policy of the Loan Syndications and Trading Association (LSTA), joins host Patrick Dolan to discuss the SEC’s re-proposed Securities Act Rule 192, which would prevent securitization participants from entering into a “conflicted transaction.” We examine the primary issues associated with the rule’s definition of “securitization participant” and “conflicted transaction” and explore what this means for investors and securitization participants, including the potential for information barriers as a mitigant to the proposed rule.

Ann Battle, senior counsel, market transitions and head of benchmark reform at the International Swaps and Derivatives Association (ISDA), joins host Patrick Dolan to discuss the transition from USD LIBOR to SOFR and how it will impact the derivatives market. We consider whatrole the ISDA 2020 IBOR Fallbacks Protocol will play, how the various tough legacy solutions for USD LIBOR fit together and how they affect derivatives. We also explore what role Term SOFR will play in the derivatives markets.

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Xilun Chen, managing director at Kroll Bond Rating Agency (KBRA), joins host Patrick Dolanto discuss predictions for 2023 for the whole business securitization (WBS) market. We talk about the restaurant industry, which makes up a large portion of WBS issuers, and how it has adapted to the post-COVID environment. We also explore the impact of the current inflationary environment on franchisees and the key considerations and trends KBRA is focusing on.

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Securitization Insight Ep 37: The Impact of Higher Interest Rates on the Commercial Mortgage-Backed Securities (CMBS) Market

Lonnie Hendry, senior vice president and head of commercial real estate and advisory servicesat Trepp, Inc., joins host Patrick Dolan to discuss the effect high interest rates have on the commercial mortgage-backed securities (CMBS) market. We examine the steady decline of rental rates and sublease levels and the significant increase of insurance, labor and maintenance costs among underutilized assets, and how these factors have led to market uncertainty.

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Securitization Insight Ep 36: Litigation Finance, Law Firm Equity and Securitization

David Perla, co-chief operating officer of Burford Capital, joins host Patrick Dolan to examineopportunities and limitations in the litigation finance market. We discuss the increased demand for capital and the expansion of both size and type of investments available.

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Alan Greenblatt, Managing Director in the Commercial ABS Group at Kroll Bond Rating Agency (KBRA), joins host Patrick Dolan to discuss the aviation ABS market as global passenger air traffic returns to pre-pandemic levels. We discuss how COVID-19 and the Russian invasion of Ukraine affected the aviation industry and how the industry and aviation ABS has adapted to these events. We cover key credit considerations in 2023 and the impact of the increased demand for aircraft on lease rates and aviation ABS.

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Securitization Insight Ep 34: Kirshner Litigation: Potential Impact on CLOs

Elliot Ganz, Head of Advocacy and Co-Head of Public Policy of the Loan Syndications and Trading Association (LSTA), joins host Patrick Dolan to discuss the appeal of Kirschner v. JPMorgan Chase Bank, N.A., a case that considered whether the origination and distribution of a syndicated bank loan is subject to state securities laws. We discuss the potential impact on loan syndication, trading activity and the CLO market if the Second Circuit reverses the lower court’s decision.

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Kristi Leo, president of the Structured Finance Association, returns to speak with host Patrick Dolan about the new no-action letter regarding Rule 15c2-11, which extends the waiver-of-compliance period for 144A securitizations to two years. We discuss implications the no-action letter will have for securitizations and potential issues including the definition of “fixed income security”.

Eric Daucher, Head of Restructuring in our New York office, joins host Patrick Dolan to discuss the crypto exchange FTX bankruptcy filing. We discuss the potential fraud claims with respect to the transfer of assets out of FTX proper into an affiliated entity and the jurisdictional and creditor rights issues to be addressed in bankruptcy court.

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David Do, Commissioner of the New York City Taxi & Limousine Commission (TLC), joins host Patrick Dolan to discuss the NYC Medallion Taxi Loan Restructuring Program. We discuss the reasons behind its creation as well as the eligibility criteria, terms and successes of the debt relief program to date.

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