In a recent TreppTalk blog, we looked at how five-year conduit loans moved from a niche execution to the dominant format for much of the CMBS conduit market. That shift is easier to see when viewed from the other side of the market: the retreat of the traditional 10-year conduit loan. For much of the last CMBS cycle, 10-year conduit lending was the standard template. It offered borrowers longer-term fixed-rate financing and gave bond investors a familiar structure around which...

Read more

Operators, investors and advisers are contending with legal and regulatory uncertainty as data centre demand rises At a glance Large-scale data centres can now seek consent as nationally significant infrastructure, opening a new planning route in England. Grid access remains a significant constraint for AI Growth Zones in the UK, with a circular eligibility problem yet to be resolved. AI copyright disputes and tightening cyber resilience rules are creating new contractual and regulatory risk for operators across Europe. Data centre capacity...

Read more

The composite PMI increased from 48.5 to 49.5 in June. This still marks sluggish economic activity for the bloc, but the easing of price pressures indicated by the survey is encouraging. The combination of sluggish growth and fading inflation concerns marks a dovish reading for the ECB Despite most survey responses coming in before the Middle East deal was signed, the PMI had already ticked up a bit. But the increase to 49.5 would still indicate slightly declining activity according...

Read more

Conflicting news from the Middle East initially lifted oil prices and weighed om risk-taking appetites, but US-Iran negotiations continue and both sides report progress. Oil prices have come back off. The dollar is mostly firmer but so far has held above last week’s lows against the euro and sterling. The yen snapped a five-day slide ahead of the weekend but is softer today, and the greenback is knocking against the recent high (~JPY161.80). The Canadian dollar is extending is slide...

Read more

Starting September 12, 2026, connected products sold in the EU must be built with data access functionality. This alert discusses the new access-by-design obligation and provides practical steps for compliance. The New Access-by-Design Obligation The EU Data Act (Regulation (EU) 2023/2854) became applicable on September 12, 2025. Among other things, it requires data holders to provide users, upon request, with access to certain product data and related service data generated by connected products and related services. From September 12, 2026, an additional obligation will apply....

Read more