Banking & Finance Glossary—S
Banking & Finance Glossary—S

The following Banking & Finance practice note provides comprehensive and up to date legal information covering:

  • Banking & Finance Glossary—S
  • Sale and leaseback
  • Lexis®PSL resources
  • SARON
  • Second lien debt
  • Lexis®PSL resources
  • Secondary buy-out
  • Lexis®PSL resources
  • Secondary loan market
  • Lexis®PSL resources
  • More...

Sale and leaseback

A transaction where the seller sells real property to the purchaser who then leases it back to the seller

Lexis®PSL resources

Sale and leaseback

SARON

This is an acronym for the Swiss Averaged Rate Overnight. SARON has been selected to replace Swiss Franc LIBOR.

Second lien debt

In an acquisition finance transaction, debt that is secured on the same security package as senior debt, on a second ranking basis. It ranks behind senior debt but in front of other junior debt such as mezzanine debt

Lexis®PSL resources

Acquisition finance—second lien financing and Sources of finance for leveraged buy-outs

Secondary buy-out

A buy-out by a financial sponsor of a business from another financial sponsor

Lexis®PSL resources

What is acquisition finance?

Secondary loan market

The established market where investors purchase loan assets from existing lenders, rather than directly upon origination (or upon primary syndication) from the borrower or issuer of the relevant loan assets

Lexis®PSL resources

Overview of key documentation in a secondary debt trade and Secondary trading of distressed debts

Securitisation

A transaction in which the risks and rewards—but not the ownership—of a pool of cash generating assets are transferred to another party or parties. In a traditional securitisation, the transfer is made by the issue of interest-bearing debt securities (notes) to capital markets investors. In a synthetic securitisation, credit derivatives or guarantees are used.

The basic structure of a traditional securitisation involves the sale of the pool of assets by

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