Associate Pavlos Mundis participated in the 2016 WSG (World Services Group) Banking & Finance Group meeting, which took place on 5 February in Frankfurt, Germany. German WSG member Heuking Kühn Lüer Wojtek hosted the meeting.
The working group meeting analysed the recent developments in the liquid and developed financial market in Germany, a country which leads the economic growth of the European Union.
Presentations and discussions focused mainly on the German finance market, with special emphasis on the new regulatory framework in relation to: (a) debt funds; (b) unitranche financing (a combination of senior and mezzanine loans in one loan agreement); (c) covenant life loans (loans without early warning triggers and with strict transfer restrictions); and (d) covenant loose loans (loans with no cash flow cover and capital expenditures covenant). The new LMA Document for Real Estate Finance, governed by German law, was also analysed during the meeting.
Furthermore, the new Belgian Law and the UNICITRAL Legislative Guide on Secured Transactions were presented.