European CLO managers aim for ‘full compliance’
November has seen an increase in new European CLOs complying with US risk retention rules, with at least five ‘fully compliant’ CLOs pricing

SEC names deputy director for its investment management unit
The SEC has appointed Paul Cellupica as deputy director for its division of investment management

Loan managers pile into BDCs amid possible change to leverage ratios
Golub Capital Partners and TCW are among those to have launched new BDCs as regulators look to revamp leverage limits

Direct lending managers flock to unregulated fund structures
Direct lending managers are seeing the benefits of using unregulated fund structures

Market is always wrong on effect of CLO rule changes
Risk retention has made little difference to the CLO industry. And it’s disappearance will similarly have little impact

Points up front
Legal documents related to a now defunct fund run by Carlyle a decade ago, highlight tensions between two senior portfolio managers

Leader aims to be at forefront of floating rate credit fund comeback
Floating rate credit fund launches have slowed to a dribble in the past three years after launching en masse in 2013 – but they may be due for a revival

CLO managers brace for impact as securitisation regulatory changes pass
A new securitisation regime has passed the European Parliament – and it imposes onerous requirements on CLO managers, according to capital markets lawyer David Quirolo

LA pension fund monitors high yield manager Aegon amid SEC investigation
The Los Angeles City Employees Retirement System (Lacers) is currently monitoring its high yield manager Aegon, which is under SEC investigation

Drop risk retention for most CLOs, says Treasury
Loan managers have spent millions of dollars ensuring they have the infrastructure in place to tackle risk retention rules. However, there is now a possibility that the concept of risk retention will not apply to CLOs

Direct lenders eye opportunities in Germany’s lower mid market
Direct lending in Germany may be about to flourish, with regulatory changes encouraging fund managers to step into what had been considered an over-banked market

Help us to re-write the Volcker rule, says US bank regulator
OCC gives first indication that regulators may be willing to exclude CLOs from the definition of “covered funds”

Regulators delay implementation of STS rules
Regulators in Europe have opted to take a slow and steady approach to implementing new simple, transparent and standardised (STS) and revamped risk retention rules.

US Treasury proposals could breathe new life into CLO market-making
The US Treasury Department yesterday proposed a dramatic paring back of the Dodd-Frank Act, but made no mention of changing the risk retention rules in relation to CLOs

Market participants strike bullish tone on STS regulation
IMN’s Global ABS Conference in Barcelona came to a close yesterday and one of the main talking points for the ABS market was the successful resolution to disputes between the market and the European parliament over STS (simple, transparent and standardised) legislation

Europe drops plans for tougher risk retention rules
The European Union has pulled back from plans that would have made it much harder to structure CLOs

Euro loan managers breathe easy as ECB adopts US-style lending guidelines
The ECB has, to some extent, relented and provided loan market participants with a greater degree of flexibility after this morning posting the final guidance for leveraged lending in Europe

ECB's crackdown on leveraged lending clears the way for direct lenders
Regulator's plans to limit debt to ebitda ratios in loan transactions could drive traffic out of the capital markets and towards lending funds

Insurer’s CLO discount carve-out should survive regs shake-up
Forthcoming changes to insurance regulations in the US may push insurance companies higher in the CLO capital structure but it should not lessen the appeal of CLOs to the industry

Managers see ray of light in bid to force changes to CLO risk retention
LSTA sees rising chance of risk retention reform

European risk-retention proposal threatens CMVs and originators
A regulatory proposal would have consequences far beyond raising the risk retention threshold