Chapter 1: Introduction to Art Capital

Chapter 2: Evolution of Back Leverage 

Beyond Back Leverage – Structured Leverage 

Chapter 3: What is Back Leverage? 

Chapter 5: Is it Back Leverage?  

Chapter 6: Underlying credit types and assets

 Why use or provide Structured Leverage? 

Chapter 8: Format – who decides? 

Chapter 9: What if it is a securitisation? 

Some key features of Structured Leverage 

Chapter 11: Coming up next time 

Europe’s back leverage market has swelled recently. In this episode we consider the limitations of the label “back leverage”, explain what it covers, why it matters, and where it’s headed. We also offer several practical pointers for structuring transactions effectively.

Back leverage in European real estate finance has grown rapidly. It attracts serious capital – but remains notoriously difficult to define. It goes by pseudonyms such as debt-to-debt or loan-on-loan but nothing quite captures what this market has become.

In this episode, Ashurst partner Ruth Harris is joined by special guest AJ Storton, a partner at Art Capital, to get into the nitty gritty and the bigger picture. They explain exactly what back leverage is and explain why “structured leverage” might be a more useful term.

They also discuss the motivations on each side of the trade (users and providers) and the documentation questions that determine how a transaction is actually structured. There’s also a handy summary of securitisation compliance obligations, and  crucially – the “top 10” structural features that any party to these transactions needs to nail.

To listen to this search for “Ashurst Legal Outlook” on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at ashurst.com/podcasts.

The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

Europe&rsquo;s back leverage market has swelled recently. In this episode we consider the limitations of the label &ldquo;back leverage&rdquo;, explain what it covers, why it matters, and where it&rsquo;s headed. We also offer several practical pointers for structuring transactions effectively.
Back leverage in European real estate finance has grown rapidly. It attracts serious capital &ndash; but remains notoriously difficult to define. It goes by pseudonyms such as debt-to-debt or loan-on-loan but nothing quite captures what this market has become.
In this episode, <a href="https://www.ashurst.com/en/people/ruth-harris/">Ashurst partner Ruth Harris</a> is joined by special guest <a href="https://art-capital.co.uk/who-we-are/">AJ Storton, a partner at Art Capital</a>, to get into the nitty gritty and the bigger picture. They explain exactly what back leverage is and explain why &ldquo;structured leverage&rdquo; might be a more useful term.
They also discuss the motivations on each side of the trade (users and providers) and the documentation questions that determine how a transaction is actually structured. There&rsquo;s also a handy summary of securitisation compliance obligations, and&nbsp; crucially &ndash; the &ldquo;top 10&rdquo; structural features that any party to these transactions needs to nail.
To listen to this search for &ldquo;Ashurst Legal Outlook&rdquo; on Apple Podcasts, Spotify or your favourite podcast player. You can also find out more about the full range of Ashurst podcasts at <a href="https://www.ashurst.com/podcasts">ashurst.com/podcasts</a>.
The information provided is not intended to be a comprehensive review of all developments in the law and practice, or to cover all aspects of those referred to. Listeners should take legal advice before applying it to specific issues or transactions.

The commercial world is always changing and the legal landscape never stands still. Keeping pace with all those changes, and knowing how they affect your organisation, is a big responsibility and a challenging task. Ashurst Legal Outlook will keep you at the forefront of the most pressing legal issues, offering insights from legal experts across our international network.

The commercial world is always changing and the legal landscape never stands still. Keeping pace with all those changes, and knowing how they affect your organisation, is a big responsibility and a challenging task. Ashurst Legal Outlook will keep you at the forefront of the most pressing legal issues, offering insights from legal experts across our international network.

A podcast series that will keep you across the global trends and local issues that are shaping the legal landscape and impacting organisations.

Ashurst Legal Outlook Podcast

Ashurst Legal Outlook

Europe’s back leverage market has swelled recently. In this episode we consider the limitations of the label “back leverage”, explain what it covers, why it matters, and where it’s headed. We also offer several practical pointers for structuring transactions effectively.