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

Executive order leaves questions around CLO adoption in 401(k)s
EXCLUSIVE: Experts are uncertain whether the new executive order from US President Donald Trump will lead to increased inflows for CLOs

Private credit inflows face uphill battle even as 401(k) doors open
Although US President Trump’s executive order opens defined contribution retirement plans like 401(k)s to private credit investments, a sudden and meaningful rise in inflows is unlikely 

Presidential order opens private credit access to US retirement investors
US President Donald Trump signed an executive order to repeal a regulation that forbids certain US retirement accounts like 401(k)s from adding alternative assets such as private debt

SEC to consider opening private funds to retail investors
US retail investors, deemed too small and unsophisticated to invest in private assets like private credit, represent trillions in untapped assets

Bessent compares Trump to Milken, champions bank deregulation
The US Treasury Secretary also noted that the growth of private credit is a sign the banking system has been too tightly constrained

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 scrutinise fund loans

The NAIC’s Super Bowl Sunday memo seems to suggest regulations may not change greatly

Institutional loans set records while ratings agency data diverges
It isn’t just the CLO market breaking records this year. Loan volumes are also continuing to set records, according to the latest Debtwire data for November.

The second Trump presidency is likely to turbocharge already frothy markets
The impact of Trump’s second term in the Oval Office will be wide-ranging for the US and the world. For credit markets, his return to power portends more intense competition between banks and private credit, and frothier deals.

Credit funds brace for increased scrutiny from regulators
The Securities and Exchange Commission’s Division of Examinations urged advisers to private funds, which include private credit managers, to prepare for increased scrutiny 

CLO managers scramble to update policies after SEC ruling
The announcement from the SEC that it had fined Sound Point has sent shock waves through a US CLO market that’s looking at a wave of policy changes

US insurance regulator steps back from radical change to CLO charges
Insurance companies are one of the most important investors in CLOs, so when the NAIC last year proposed changes to risk-based capital (RBC) charges the market was spooked

We understand why the NAIC is open to a new framework
The NAIC is right to tread carefully as it looks to protect its members from ratings arbitrage

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.

In Kirschner fallout, lenders may be asked to rep that they aren’t investors

Our Xtract Research team explores an unexpected outcome from the recent Kirschner ruling  

Appeals court and SEC rule in favour of CLO market
The US CLO market breathed a sigh of relief in August as two major regulatory rulings went in its favour

JP Morgan wins Kirschner case as court rules loans are not securities
The Second Circuit Court of Appeals has ruled in favour of JP Morgan in the Kirschner case that term loan Bs are not securities

Proposed US bank regulations could create more demand for CLO triple A notes
Recent proposals on bank capital requirements in the US may increase demand for CLO triple A paper, according to new research by Barclays

Loan market breathes sigh of relief as SEC declines to comment on Kirschner case
The SEC decided not to intervene in an ongoing court case about whether US leveraged loans are securities last week in an important win for the loan market.

Legacy CLO notices go out for Sofr switch
Legacy CLOs are poised to transition to Sofr in a smoother manner than their underlying assets, according to market sources, who say that almost every issuer has sent notices to their investors signalling that they plan to make the switch on 30 June. 

Loan market says goodbye to Libor in legacy contracts
In July, after 37 years of widespread use as the underlying base rate for contracts, the London Inter-Bank Offered Rate will finally be ditched by the majority of the leveraged loan market.

Should I worry about synthetic Libor?
The date on which the ICE Benchmark Administration (IBA) will cease publishing the remaining available tenors of Libor is fast approaching. But initially, publication of all tenors of Libor was supposed to cease on 31 December 2021.