United States: Securitization & Structured Finance

The global CLO equity fund market is experiencing a cautious reopening after a period of tight arbitrage and challenging economics. With U.S. CLO issuance approaching $230 billion in the first half of 2026 and major platforms successfully raising billion-dollar funds, captive and third-party CLO equity fund structures are evolving rapidly as managers deploy sophisticated structuring technologies to provide stable execution capacity and attract institutional capital seeking diversified credit exposure with s

How do U.S. leveraged finance and project finance transactions differ in their treatment of hedging counterparties within senior secured credit structures? This analysis examines the documentation architecture, eligibility frameworks, governance mechanics, waterfall priorities, and enforcement coordination that distinguish these two markets' approaches to integrating hedges into collateral packages.

The SEC's recent interpretive guidance confirms that certain data center securitizations fall outside the definition of "asset-backed security" under the Securities Exchange Act, removing several ABS-specific regulatory requirements. This analysis explores the practical implications for risk retention, investor protections, existing master trust platforms, and the future structuring of data center financings in light of this regulatory shift.

Collateralized Fund Obligations (CFOs) have evolved from a niche structured finance product into a rapidly growing capital markets instrument, with annual issuance projected to reach $30 billion in 2026. This comprehensive analysis examines the structural mechanics, regulatory framework, and emerging trends driving CFO adoption among asset managers and institutional investors seeking rated exposure to diversified private fund portfolios.

The CFTC has adopted significant amendments to its margin requirements for uncleared swaps, fundamentally changing how seeded funds are treated and expanding eligible collateral options. These changes eliminate longstanding barriers that forced fund sponsors to structure vehicles offshore and restricted the use of money market fund shares as collateral. The Final Rule brings U.S. regulations into closer alignment with international standards while addressing practical challenges faced by market participants

The U.S. and UK have released groundbreaking recommendations for cross-border digital asset cooperation, while major financial institutions successfully execute tokenized asset trades in production environments. Meanwhile, regulatory bodies worldwide advance frameworks for digital currencies and on-chain derivatives markets, signaling a coordinated push toward mainstream adoption of blockchain-based financial infrastructure.

Three partners from Foley & Lardner share key insights from the Milken Institute Global Conference in Beverly Hills, including Jensen Huang's perspective on AI infrastructure...

Private equity sponsors and lenders are navigating an environment in which disciplined deal structuring and downside preparedness are increasingly interconnected.

The credit secondaries market is experiencing rapid expansion as demand for liquidity grows and the participant base diversifies. Proskauer partners examine the key forces driving this transformation...