HEADLINES

On December 24, 2020, the European Union (EU) and the United Kingdom (UK) unveiled a Trade and Cooperation Agreement (TCA) establishing the broad relationship between them after the end of the Brexit transition period on December 31, 2020, with a particular focus on international trade, investment, public policy, and economic partnership between EU Member States and the UK.

In our recent note “Treatment of senior unsecured debt in European leveraged finance transactions: the need for an intercreditor agreement”, which can be viewed here, we addressed the increase in flexibility in European financings to incur senior unsecured debt and the risk that the lack of any agreed intercreditor arrangement may impair senior secured lenders’ ability to realise recoveries from a European Credit