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Introduction to FATCA for SPVs

Introduction to FATCA for SPVs

FATCA – otherwise known as the Foreign Account Tax Compliance Act – is one of those pieces of U.S. legislation that manages to create extra work for just about everyone, everywhere, whether they like it or not. Enacted in 2010, FATCA aims to prevent U.S. taxpayers from hiding assets offshore.

NPL’s - A Brief Introduction to Loans That Have Gone Walkabout

NPL’s - A Brief Introduction to Loans That Have Gone Walkabout

Let’s set the scene: you lend your mate Steve twenty quid. He promises to pay you back “by Friday.” Several Fridays later, Steve is now strangely unavailable, and you’re starting to suspect that twenty quid is gone for good. Congratulations – you’ve just experienced a non-performing loan. In

Chocolate Off the Shelf, Strategy Behind the Scenes

Chocolate Off the Shelf, Strategy Behind the Scenes

You may want to sit down for this one - especially if you're fond of the darker end of the chocolate spectrum: dark chocolate Toblerone is being pulled from UK shelves. Yes, the angular Alpine treat - specifically the 360g version - is on its way out, thanks

Credit Enhancements in Securitisations: How to Dress Up a Dodgy Deal

Credit Enhancements in Securitisations: How to Dress Up a Dodgy Deal

In the world of securitisations, not all assets are created equal - and some are, frankly, a bit ropey. Say hello to credit enhancement: the financial equivalent of a good PR team. These clever mechanisms are designed to make a slightly wobbly asset pool look like a rock-solid investment opportunity.

British Steel’s Crisis and the Politics of Propping Up a National Staple

British Steel’s Crisis and the Politics of Propping Up a National Staple

British Steel is in trouble again - and when a company that supplies 95% of the country’s rail tracks starts running out of money, people in Whitehall tend to sit up and pay attention. Unfortunately, so do investors, unions, and anyone trying to work out whether they’re about

True Sale: The Art of Saying “Mine. Not Yours” (Legally Speaking)

True Sale: The Art of Saying “Mine. Not Yours” (Legally Speaking)

You’ve got a healthy book of loans – for example car loans - sitting on your balance sheet. They’re ticking along nicely, generating monthly repayments, but they’re also tying up capital and generally overstaying their welcome. You’d quite like to free up some funds, clean things up

Understanding UCITs in the UK

Understanding UCITs in the UK

The regulated funds quietly powering millions of investment portfolios – without the fanfare or the drama. You’ve probably come across UCITs, whether you realised it or not. They’re in your pension, your ISA, your wealth manager’s carefully prepared pie chart – yet somehow they manage to fly under the

Silvertown Tunnel: When You Can’t Afford It, Just Get Someone Else to Pay

Silvertown Tunnel: When You Can’t Afford It, Just Get Someone Else to Pay

As of Monday, East London got itself a shiny new tunnel. Not because TfL stumbled across a suitcase of cash on a Jubilee line train, but because someone else - namely, a group of investors and lenders with a taste for long term toll forecasts - agreed to foot the

The Basics of Clearing and Settlement

The Basics of Clearing and Settlement

How to Move Trillions Without Anyone Crying, Screaming or Calling in the Legal Team They rarely get the glory but clearing and settlement are the difference between a functioning financial system and a very expensive shouting match. These two unsung heroes are the reason securities change hands safely, silently, and

Signed, Sealed… Not Quite Delivered: A Guide to Term Sheets

Signed, Sealed… Not Quite Delivered: A Guide to Term Sheets

If you’ve read enough of our articles, you’ll know we’re partial to a bit of imaginative scene-setting. So today, friends, let’s imagine you’re building a house (and no, Kevin McCloud and the Grand Designs crew are nowhere to be seen). Before you break ground, order

WHSmith Sells Up - A Midweek Guide to Buying Pens, Paperclips, and an Entire Business

WHSmith Sells Up - A Midweek Guide to Buying Pens, Paperclips, and an Entire Business

This week, a nostalgic chunk of British retail history looks set to pack its bags. WHSmith - purveyor of airport holiday reads, over-priced stationery, and the random temptation of reduced chocolate bars when you just want to pay for a pack of Bic pens - has agreed to sell its

Introduction to Securities Lending

Introduction to Securities Lending

Or, how to lend your stuff, make a bit of money, and (hopefully) get it back without drama. Securities lending - also known as stock lending if you’re on nick name terms - is one of those behind-the-scenes processes that keeps financial markets from seizing up like your hamstrings

Limited Recourse and Non-Petition Provisions in UK Securitisation SPVs

Limited Recourse and Non-Petition Provisions in UK Securitisation SPVs

A polite “no thank you” to insolvency. If you’ve read our piece on SPVs (and if not, now’s a good time – here’s the link), you’ll know these vehicles are set up to be the financial equivalent of a silent retreat: quiet, isolated, and very deliberately off

Klarna x DoorDash: Spreading the Cost of a Takeaway, One Bite at a Time

Klarna x DoorDash: Spreading the Cost of a Takeaway, One Bite at a Time

It’s official: you can now buy your Friday night takeaway in four easy instalments. Klarna - the Swedish fintech heavyweight of the “Buy Now, Pay Later” (BNPL) world - has teamed up with DoorDash in the U.S. That means you can get your groceries, your bubble tea, and

Convertible Bonds: Debt That Can’t Decide If It Wants to Be Equity

Convertible Bonds: Debt That Can’t Decide If It Wants to Be Equity

Convertible bonds are the financial world’s commitment-phobes - bonds that might one day decide to become shares if the mood (or the market) is right. Investors get a steady interest income, but with the tantalising option of converting their bonds into shares if things go well. Companies love them

Old Trafford: Renovation or Demolition? And More Importantly, Who’s Paying?

Old Trafford: Renovation or Demolition? And More Importantly, Who’s Paying?

Manchester United is back in the headlines, but for once, it’s not because they’ve sacked another manager or spent £80 million on a defender who can’t defend. No, this time, it’s about their home - Old Trafford. The club is debating whether to give it a

When Do You Need a Prospectus for a Bond Issue in the UK? (And How to Avoid One Like a Pro)

When Do You Need a Prospectus for a Bond Issue in the UK? (And How to Avoid One Like a Pro)

Raising capital through bonds comes with its fair share of red tape, and a prospectus is one of the biggest hoops to jump through. Packed with enough disclosures to test anyone’s attention span, it’s essential for investor transparency but not exactly a quick read. Whether you need one

ISDA Master Agreements: The Glue Holding the Derivatives Market Together

ISDA Master Agreements: The Glue Holding the Derivatives Market Together

What’s an ISDA Master Agreement? (And Why Should You Care?) Imagine you’re hosting a chaotic family Christmas dinner. Everyone has different expectations -Auntie Susan wants turkey, Uncle Dave is waging a one-man war for veganism, and Cousin Bob is only here for the booze. Now, imagine sorting all

The FCA’s Mortgage Market Reforms: A Stiff Drink for the Housing Market?

The FCA’s Mortgage Market Reforms: A Stiff Drink for the Housing Market?

The Financial Conduct Authority (FCA) has decided that mortgage stress testing rules could do with a rethink - presumably after realising that even people with perfectly respectable finances were being told they couldn't afford a mortgage but could, apparently, afford years of paying rent at twice the price.

Collateralised Fund Obligations (CFOs): A Simple Guide

Collateralised Fund Obligations (CFOs): A Simple Guide

What Are CFOs? Investment funds are great - until you realise they’re about as liquid as a brick. Collateralised Fund Obligations (CFOs) step in as the financial equivalent of turning that brick into something a bit more tradeable. They bundle fund stakes into neat little packages, slap a structured

Euro Commercial Paper (ECP): The Smart Way to Borrow Short-Term

Euro Commercial Paper (ECP): The Smart Way to Borrow Short-Term

What is Euro Commercial Paper? Need cash, but don’t fancy the drama of a long-term loan? Meet Euro Commercial Paper (ECP) - a quick, no-nonsense way for big businesses, financial institutions, and Governments to borrow money without the red tape. Despite the name, ECP has absolutely nothing to do

TUI’s Big Bet: Swapping Planes for Flexibility

TUI’s Big Bet: Swapping Planes for Flexibility

What’s Happening? TUI, one of the world’s biggest holiday operators, has decided that owning and running its own airline is a bit like trying to run a marathon with a sofa on your back – technically possible, but why make life so difficult? So, in a move towards a

Funding Through Trade Receivables Securitisation: The Smart Way to Keep Your Cash Flowing (Without Losing Your Sanity)

Funding Through Trade Receivables Securitisation: The Smart Way to Keep Your Cash Flowing (Without Losing Your Sanity)

Trade Receivables Securitisation (TRS) might not sound like the most thrilling topic - unless, of course, you find joy in turning invoices into cold, hard cash (and honestly, who doesn’t?). If cash flow gaps have you staring at your bank balance like it’s a plot twist in Line

NAV-Based Bonds: The Secret Sauce of Fund Financing

NAV-Based Bonds: The Secret Sauce of Fund Financing

What is a NAV-Based Bond? Imagine you’re a private equity fund with a treasure chest full of assets but no spare cash for new investments. Selling assets? That’s a bit of a faff. Enter NAV-based bonds - a nifty way to raise capital using your portfolio’s Net

KTM’s Bankruptcy: How Austria’s Laws Left Creditors Stuck in the Pit Lane

KTM’s Bankruptcy: How Austria’s Laws Left Creditors Stuck in the Pit Lane

KTM, the motorbike powerhouse known for dominating dirt tracks and MotoGP, is now facing a financial wipeout. With €3 billion in debt and 265,000 unsold bikes (enough to cause a traffic jam of epic proportions), the company’s insolvency has sparked major controversy. And the biggest shock? Under Austria’