Has the Spanish Competition Authority found a way out of project finance antitrust maze?

Project finance has fallen under the spotlight of competition authorities as traditional antitrust concerns over competitors’ joining forces have met with increasing worries about financial customers suffering from information asymmetries.

Against this background, pricing, and more precisely “market conditions”, has been the thread pulled by the Spanish trustbuster to unravel, felicitously or not, the long entangled knot of syndicated loans and financial derivatives in its recent Financial Derivatives decision.

In this article, the three limbs of the decision will be discussed: loan syndication as a cooperation agreement among competitors, price coordination, and loan and hedge tie-in.

Syndicated loans and financial derivatives: ‛Belling the cat’ of market conditions

Author: PabloSD

EU, competition and regulation lawyer with experience in law firms (Uría Menéndez, Slaughter and May) and the CJEU. LLM in EU Law and Economic Analysis from the College of Europe (Bruges), master's degree in European Studies from the University of Seville, bachelor’s degree in law and business from the University of Seville. Currently, Payments Legal Counsel at Amadeus and lecturer at Universidad Carlos III, Instituto Superior de Derecho y Economía and Instituto de Empresa. Board member at the Spanish Association for the Protection of Competition (AEDC) and newsletter editor at the Spanish Association for the Study of European Law (AEDEUR).

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