High issuance creating opportunities in CLOs and Australian ABS – Janus Henderson
ABS portfolio manager Ian Bettney finds market tight but sees attractiveness in certain sectors; high issuance keeping spreads on CLOs, Australian ABS, and US non-QM deals attractive

How it took four years to close a loophole — and throw European CLOs into chaos
The fraught relationship between the EU regulator and the growing CLO market again came into focus last month, when the European Banking Authority surprised the market by issuing a response to a question posted four years previously regarding risk retention

Originator “fix” notices soar following risk retention update – Deutsche Bank
Deutsche Bank reports a surge in “fix” notices following 8 August EBA risk retention update

Proposed changes to Solvency II capital charges “remain significantly more conservative” than other jurisdictions – AFME
The Association for Financial Markets in Europe argues that a more “risk-sensitive” framework has the potential to unlock up to EUR 210bn in additional financing for the EU economy

European regulators set to meet for risk retention discussion in coming weeks
EXCLUSIVE: 27 EU regulators to discuss penalties for non-compliance with risk retention requirements as market adjusts to new rule

CLO lawyers see European CLO risk retention clarification as 'headache, not a migraine'
After an initial reaction of concern about how this may impact sentiment in the growing European CLO market, lawyers have now become more sanguine about the updated regulation, with fixes already being implemented by affected managers

Over half of European CLOs may have lost risk retention compliance following EBA clarification – Dealscribe
Over 85% of manager-originator European CLOs include conditional sale agreements to transfer credit risk from the CLO to the originator, according to research published by Dealscribe

New headaches for European CLO market as regulators clarify risk retention guidance
The European Commission has overturned widespread market practice regarding conditional sale agreements, with a newly-issued legislative interpretation of the ‘originator’ definition under the EU Securitisation Regulation

AFME calls for investor-friendly adjustments to EC securitisation reforms
AFME while welcoming the new European regulatory reform proposals has called for further changes

EC securitisation proposals “a big step in the right direction”
The new European Commission proposals for the securitisation market are “a big step in the right direction” and may attract more investors

EC securitisation overhaul puts Euro manager retainers 'back to status quo' – Mayer Brown’s Chris McGarry
The result is that smaller manager retainers are now able to come to market as they did prior to the revised guidance from the Joint Committee, the structured finance partner told Creditflux  

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

Private credit funds, partner banks present risks as global growth slows—IMF
Private credit funds and their partner banks can face losses as a slowing economy will challenge borrowers’ ability to repay loans

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

UK regulator puts SRT financing under the microscope
ANALYSIS: UK's Prudential Regulation Authority has flagged concerns about banks’ collateral management when providing investors leverage for SRTs

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  

Private credit managers need valuation process around market events - UK regulator
The FCA released a private markets review recommending firms identify and manage potential issues around valuations, especially those conducted as a result of asset-level or market events.

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

New AIFMD directive imposes leverage limits for European direct lending
The Council of the European Union has rolled out new regulations that should streamline the origination process for direct lenders at the cost of strict limits of leverage for funds

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.