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CLO market and congress plead with SEC to extend rule comment period to 90 days
3 years ago
SEC rule proposals are no page-turners: members of the US congress are looking to extend comment periods from 30 days to 90 days. Recent SEC rule proposals require commentors to read and analyse roughly 3,570 pages and respond to 2,260 individually identified questions -
CLOs land in Jersey as Maples kicks off continuations
3 years ago
The CLO migration from the Cayman Islands to Jersey is in full swing, with the Maples Group’s global CLO team having incorporated 27 new Jersey CLOs and completed nine continuations of Cayman CLOs into Jersey. Another 18 continuations are in its pipeline -
CLOs retreat back to Libor as Sofr gets cancelled
3 years ago
Cancel culture has arrived in the CLO market, with newly implemented benchmark Sofr having been scrapped in favour of a return to Libor, after it 'made managers feel sad' -
Biden signs Libor transition measures into law
3 years ago
The Libor legislations, which recieved bipartisan support, are aimed at giving clarity to tough-to-amend Libor contracts that lack adequate fallback language, and supporting a smooth transition away from Libor -
Senate introduces bipartisan bill for “tough" legacy Libor contract transitions
3 years ago
Four senators introduced a bill on Wednesday to provide a replacement framework for “tough legacy” financial contracts that reference Libor but cannot be easily changed -
New SEC rules may increase reporting hurdles for CLOs
3 years ago
CLOs could be caught by sweeping new rules on disclosure by private funds proposed by the SEC in February -
CLOs go island hopping as EU rules bar Cayman Islands
3 years ago
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 -
SEC warns private fund investors about misleading fund disclosure and due diligence failures
3 years ago
The US Secuties & Exchange Commission published a risk alert on Friday detailing a range of compliance issues it has observed in examining registered private fund advisers -
Zais scores first for new issue CLOs under Sofr regime
3 years ago
Zais Group has priced what sources say could be the first five-year new issue broadly syndicated loan reinvesting CLO issue of 2022 -
Caution returns to credit trading following tech sector rout
3 years ago
After a strong Tuesday session, financial markets are taking a more cautious step back on Wednesday amid returning inflation concerns and following a weak session for Chinese tech stocks -
CLO extremes will do well in '22 but mezz needs caution: BNP Paribas
3 years ago
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
3 years ago
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
3 years ago
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 -
Spectre of US CLO risk retention looms as legislation is introduced
3 years ago
US CLO risk retention could be about to return from the dead. As scary as this sounds it is not a Halloween prank, but rather a result of the “Stop Wall Street Looting Act of 2021” brought about by Senator Elizabeth Warren last week -
Ashurst boosts structured finance and derivatives practice as it brings in partner
3 years ago
Law firm Ashurst has hired a structured finance and derivatives specialist as a partner in its global markets practice -
Points up front: Risk retention gets less than 5% of airtime
4 years ago
In a sign of how buoyant the CLO market is, risk retention was hardly mentioned at Creditflux’s CLO Symposium. Milbank partner John Goldfinch gave a self-deprecating assessment... -
DBRS pays $1 million to settle CLO combo note rating charges
4 years ago
Credit ratings agency DBRS Morningstar has agreed to pay $1 million to settle charges relating to the rating of CLO combo notes -
CLOs face uncertainty as Libor rate deadline looms
4 years ago
CLO equity valuations could be increasingly under the spotlight in coming months, as sources warn of disruption while the market grapples with basis risk between Libor and Sofr in loans and CLO notes -
CLO market explores move out of Cayman amid EU clampdown
4 years ago
CLO market participants are exploring moving their special purpose vehicles out of the Cayman Islands following amended European Union rules that could designate the territory as a blacklisted tax haven -
Breakthroughs come thick and fast for Libor alternatives
4 years ago
Momentum has gathered around initiatives to replace Libor in contracts, with CME Group obtaining a regulatory nod on the term Secured Overnight Financing Rate (Sofr) as well as moving to launch interest rate futures based on banks’ short term credit yields -
Banks set to offer client clearing of credit index options
4 years ago
Bank members of LCH, the London Stock Exchange's clearing arm, will soon start offering client clearing of CDS index options, as the industry prepares for its next ramp up of margining requirements -
CME touts forward-looking Sofr term benchmarks
4 years ago
CME Group has begun publishing term benchmarks for the secured overnight interest rate (Sofr) as part of the global push to move away from Libor in financial markets -
ESG drive poses little threat to CLO returns or flexibility, says Moody's
4 years ago
Environmental, social and governance investment criteria are not impairing CLOs either in flexibility or performance, Moody's Investors Service has found in a new report -
Sofr fix nears launch as CLOs face term rate void
4 years ago
Three months into 2021, grounds for optimism have grown little that a term rate will be found before the end of the year to replace Libor in loans, CLOs, CDS and other contracts. But hopes are rising that solutions such as credit spread adjustments could help mitigate performance uncertainty -
Differences emerge in shape of new CLO bond buckets
4 years ago
The future of bonds in CLO portfolios is beginning to take shape after amendments to the Volcker rule came into effect in October last year
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