European Commission proposes securitisation revamp
Formal proposals aim to fuel the European economy by facilitating securitisation

Leaked EU draft proposal would turn CLOs into public securitisations
EXCLUSIVE: The European Union is contemplating shifting CLOs into public securitisations from private ones as part its overhaul of the securitisation market

Securitisation regulators in EU urged to change direction
Panelists at the Creditflux CLO Symposium issue a call for a forward-looking, principles-based approach

US CLO managers and investors turn away from Europe after risk retention changes
EXCLUSIVE: The reassessment is the latest consequence of the new European Supervisory Authorities’ revised guidance on risk retention

Regulators seek to calm European CLO market shaken by new risk retention guidelines
The European Supervisory Authorities have since issued clarification to allow deals that priced prior to 31 March to be grandfathered in under the previous interpretation

European CLO market scrambles to comply with new regulations on risk retention
A revised regulatory interpretation at the beginning of this week left plenty of managers and lawyers sleep-deprived  

Partners' latest CLO adjusted to meet new EU risk retention guidelines
The European deal is among the first to be impacted by an unexpected interpretation for EU risk retention issued with immediate effect at the beginning of this week  

UK changes to securitisation expected to have limited impact on CLOs
As Creditflux went to press, lawyers across the City of London were coming to grips with the meat of the UK’s new securitisation regime, the so-called Edinburgh Reforms

Securities regulators call for improvement in practices in CLO market
IOSCO, an international policy forum for securities regulators, has called for improvement in practices in both the leveraged loan and CLO markets.

Proposed regulation changes could open up US CLO funds to UK investors
Proposed changes to the UK Securitisation framework may expand the investor base for US structured credit if passed.

New US CLOs brace for EU’s Article 7 reporting requirements
Investors now need Article 7 reporting compliance for new non-EU securitisation investments (such as US CLOs). This includes high-level portfolio reporting to investors, including loan-by-loan data in greater depth than even CLO trustee reports provide.

US managers brace for CLO reporting overhaul as new EU investments become subject to Article 7
US CLO managers could face an administrative headache with EU investors investing in new and secondary market US CLOs now requiring more exacting detail of underlying portfolios. This follows the long-awaited European Commission Securitisation Regulation report overhauling investment rules  

CLO arrangers and managers prepare for new marketing rule from November
CLO arrangers will need to work together with CLO managers in the coming weeks to ensure compliance, interpret the rules and set guidelines over what they can and cannot communicate with investors without disclosures

Regulators give securitisation another tranche
A gloomy economic outlook and drought in primary markets cast a deflated mood over last month’s Global ABS 2022 conference in Barcelona. But regulators and central banks’ encouraging attitude towards securitisation was in sharp contrast

CEO steps down after DWS greenwashing allegations lead to police raid
A tumultuous 24 hours for DWS Group, in which police and regulators raided its office, has been compounded by the resignation of its chief executive officer Asoka Woehrmann on Wednesday morning

"When the US market gets legislation it does not like, people sue..."
The difference between Americans and Europeans in regards to CLOs

We’ll get through this awkward patch
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As

CLO lawyer joins Schulte Roth & Zabel as partner in London
Schulte Roth & Zabel has hired a CLO expert as partner in its London office 

CLOs go island hopping as EU rules bar Cayman Islands
Swathes of CLO special purpose vehicles are set to be relocated this month following the introduction of European Union regulations designating the Cayman Islands as a money laundering location

Luxembourg welcomes CLOs with regulatory update
Luxembourg updated its securitisation regulations on Wednesday in a move which, among other things, makes the country a more CLO-friendly domicile

Luxembourg opens for CLO business after regs update
Upcoming changes to Luxembourg’s securitisation regulation could deliver a huge boost to its CLO market, in a move that would see the jurisdiction compete with market leader Ireland

CLO extremes will do well in '22 but mezz needs caution: BNP Paribas
The extreme parts of CLOs' capital structures will offer best value in 2022, but investors should be cautious on mezzanine tranches and consider hedges, say BNP Paribas strategists

Lev loan index rule change proposed to meet Sofr switch
Leveraged loan index stakeholders are being asked for feedback on a proposal that would allow the inclusion of loans linked to Sofr and scrap a minimum spread rule

Sofr transition timing puts CLO debt and equity at odds, says BNP Paribas
CLO investors look to have tough conversations ahead on the structure implications of the transition from Libor to Sofr, with BNP Paribas strategists noting CLO debt will benefit from an early move while equity tranches would do better to wait