Securitization Insight

Brett Govett, a litigation and disputes partner in our Dallas office, joins Patrick Dolan to discuss litigation funding and what factors and disclosures determine the type of litigation funding arrangement. Litigation funding, an emerging type of a non-recourse loan, is most often seen across the intellectual property sector in commercial cases such as patent infringement, breach of contract and trade secrets, in addition to international arbitration disputes.

Brian Farnen, General Counsel and Chief Legal Officer of the Connecticut Green Bank, joins Patrick Dolan to discuss renewable and energy efficient financing options, including green securitizations like C-PACE, green liberty bonds, notes and small business loans. Brian talks about leveraging federal subsidized bonding programs like clean renewable energy bonds and solar home renewable energy credits to bring down the cost of capital and encourage more clean energy deployment. In the future, Brian expects to see an increased volume of clean energy bonding and expansion into environmental infrastructure to mitigate the effects of climate change.

Meredith Coffey, Executive Vice President of Research and Co-Head of Public Policy of the Loan Syndications and Trading Association (LSTA), returns to Securitization Insight to discuss the latest developments in the LIBOR (London Interbank Offered Rate) transition. Meredith talks to our host Patrick Dolan about what’s been good and what’s been challenging, including the transition of new loans to LIBOR, the economics of the transition, remediating the existing LIBOR loans, and the big takeaways one year before LIBOR ends.

Paul Rerick, Chief Financial Officer at Global Jet Capital, joins Patrick Dolan to discuss the aviation asset-backed securitization (ABS) market. Having just closed a 144A securitization of aviation asset-backed securities, Paul talks about the deal process and investor comfort. They touch on the current business aviation trends, and discuss several issues specific to securitizing business jets as opposed to leases of commercial aircraft. The discussion also explores the future of the residual interest market and the business aviation ABS market.

Rafi Golberstein, principal at PACE Loan Group, joins Patrick Dolan to discuss his career trajectory, why he got into the commercial property assessed clean energy (C-PACE) space, and where the C-PACE industry is now. They also explore some of the biggest misconceptions in the C-PACE industry and what could help lenders and developers to better understand and consent to C-PACE in their capital stacks.

Lewis Cohen, co-founder of DLx Law, joins Patrick Dolan to discuss blockchain technology, securitization, decentralized finance and more. Lewis provides an overview of blockchain technology for listeners new to the topic, and addresses how to move from securitization in to the world of blockchain, the idea of “permissioned” blockchains, the recent implosion of major “stablecoin” UST and what it means for the future of securitization and blockchain and the relevance of decentralized finance to securitization.

Mark Adelson, the editor of the Journal of Structured Finance, the content director at Portfolio Management Research, and an independent consultant, joins Patrick Dolan to discuss the Serta Simmons Bedding case. They examine the big picture of the case and dive into key issues related to “covenant lite” loans, “trap door” financings, and the details of the Serta Simmons Bedding case financing. They also address where the case stands now and what happens next.

Andrew Lom, a partner in the New York office and Global Head of Norton Rose Fulbright’s Private Wealth and FinTech teams, joins Patrick Dolan to discuss innovative products and services relating to blockchain, smart contracts and other disruptive technologies and their use in securitization. The discussion covers tokenization, distributed ledger technology, token offerings, cryptocurrency, NFTs and what these technologies can offer leading companies and private individuals. They also touch on some of the challenges digital assets present to the financial regulatory environment.

Mansoor Ghori, Chief Executive Officer and Co-Founder of Petro Partners, joins Patrick Dolan to discuss Commercial Property Assessed Clean Energy (what C-PACE) financing: what it is, why property owners and /developers use it, where it is available and which asset types qualify. They also explore some of the financing parameters for C-PACE, what we can expect of from the C-PACE industry, looking forward and how environmental, social and governance (ESG) initiatives are driving growth in the C-PACE market.

Eric Neglia, Senior Managing Director and Head of Consumer ABS at Kroll Bond Rating Agency, joins Patrick Dolan to discuss the market conditions that cultivated a record year for Solar ABS issuances, and what we can expect looking forward. They explore how inflation, higher energy costs, supply chain disruptions and rising interest rates are impacting the industry, the strong credit performance of the solar loan sector throughout the pandemic, and the impact of ESG programs in the solar market in terms of investor demand and market accessibility.