Regulatory Changes Kickstart Secured Debt Financings

11/15/2011 11:00 a.m. - 12:00 p.m. EST

Corporate Finance | Capital Markets, Germany, United Kingdom, Brussels, Financial Services, Finance, Securities Enforcement, and Securities Litigation

Peter J. Green

Peter J. Green


Christie Adams

During the financial crisis, certain national authorities imposed losses on holders of senior unsecured debt obligations of financial institutions either in connection with or as a condition to capital injections or other recapitalization efforts. In the aftermath of the financial crisis, the notion that holders of senior unsecured debt of financial institutions should bear losses prior to any taxpayer funded recapitalizations has gained momentum and this approach is now reflected in various regulatory proposals.

We will discuss the various regulatory proposals that call for "haircutting" or "bailing in" senior debt of financial institutions, we will examine the effect of these measures on the funding approaches taken by financial institutions, including liability management in respect of existing funding.

Panel Will Discuss:

  • Resolution schemes and bail-in in Europe;
  • Ringfencing and bail-in in the UK;
  • Orderly liquidation authority in the US;
  • Covered bonds as a secured debt funding alternative;
  • "Quasi" covered bonds;
  • Other secured funding approaches; and
  • Bankruptcy and other considerations.


  • Peter Green, Partner, Morrison & Foerster LLP
  • Elana Hahn, Partner, Morrison & Foerster LLP
  • Jerry Marlatt, Senior Of Counsel, Morrison & Foerster LLP

NY CLE and UK CPD credit is pending.

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