Investors raise concerns over obscure wording in CLO docs
Europe’s structured credit market has been abiding by the Securitisation Regulation for the best part of six months, but some investors have told Creditflux that they are still not satisfied with the way European CLOs are accounting for potential fines. 

Cayman Island hopping: EU laws provoke switch in CLO listings
The Cayman Islands Stock Exchange (CSX) is set to become the listing place of choice in 2019 for CLOs put together by US managers — at least, according to a bold prediction by law firm Harneys.

Ashurst promotes structured products lawyer as one of 21 new partners
Ashurst has promoted to partner a London-based lawyer who specialises in derivatives and debt capital markets

Japan regulation affords CLOs breathing room
Japan’s regulators have avoided disruption of the global CLO market by softening the impact of their risk retention rules that came into effect in March

Leveraged loans pose credit risk but not systemic risk, conference told
Regulators and the press need to understand the difference between credit risk and systemic risk, claimed panelists at the IMN European CLOs and Leveraged Loans conference

Ashurst hires counsel with structured products experience
Ashurst has appointed a counsel in its global markets practice in Paris

Securitisation Regulation hits European ABS issuance
Issuance in traditional European ABS has been notably slow in the first two months of 2019 following the introduction of the new Securitisation Regulation.

US dollar three-month is focus point for benchmarks, finds Ice Libor survey
One-, three- and six-month US dollar and sterling are the focus points for Ice Benchmark Administration to seek agreement with banks, according to the results of IBA’s survey on uses of Libor

CLO market holds breath as Japan risk retention looms
Risk retention compliant US CLOs could make a comeback after the Japan Financial Services Authority (JFSA) unveiled its proposed new risk retention framework, which could tie the hands of the world’s biggest buyers of US CLOs

Market welcomes Esma loosening of securitisation regs but questions remain
The European Securities and Markets Authority (ESMA)'s revision of the reporting templates that must be completed under the securitisation regulations addresses many of the concerns raised by market participants but leaves some points of difficulty, according to industry lawyers

CLO docs shed light on implementation of Securitisation Regulation
Market participants are beginning to get visibility on how European CLOs are handling the transparency obligation and the risk of fines under the European Securities & Markets Authority’s (Esma) Securitisation Regulation, according to a report on Creditflux’s sister publication Debtwire

ESAs extend reporting olive branch to European CLOs
A group of European supervisory authorities (ESAs) have raised hopes that CLOs could avoid some of the toughest reporting requirements under the securitisation regulations coming into effect in January

Merry Christmas from the EU: Commission gifts regulatory relief to securitisations
European securitisers can breathe a sigh of relief today after the European Commission has endorsed calls to relax its securitisation regulation

European regulators look to soothe CLO reporting jitters
The European Supervisory Authorities (ESAs – EBA, ESMA and EIOPA) have sought to calm the nerves of the European CLO industry ahead of a securitisation regulation framework that is due to come into effect from January

Market favours retrospective over forward-looking approach to Ibor benchmark fallbacks, says Isda
New benchmark fallbacks for derivatives contracts that reference interbank offered rates are likely to be based on the “compounded setting in arrears rate” and the “historical mean/median approach to the spread adjustment”, the International Swaps and Derivatives Association has said

Simmons & Simmons adds partner to lead its CLO practice in London
Simmons & Simmons has appointment structured credit specialist James Grand as a partner to lead its CLO practice

ESMA regulations could halt European issuance, says LMA
The European securitisation market is at risk of a “cessation of issuance and market disruption” unless the European Securities and Markets Authority (ESMA) allows a phased implementation of the new regulatory framework due to come into effect from January, according to the Loan Market Association (LMA)

LSTA asks for return of CLO bond buckets as part of Volcker reform
The Loan Syndication and Trading Association is advocating the return of high yield bond baskets within US CLO portfolios in what could be another sign of the shackles being loosened on CLO regulation in the US

CLO managers give ESMA requirements a test run
This year has already broken records for the European CLO market, but a new dose of regulatory uncertainty could put that growth at risk

ESMA strikes European CLO market with new regulatory burdens
The European Securities and Markets Authority yesterday published its final report for the technical standard on disclosure requirements under securitisation regulation, outlining the new reporting requirements for European CLOs coming into effect from 1 January

CLO managers see risk retention hurdles as Brexit approaches
Barriers are emerging to UK-based CLO managers seeking risk retention compliance via both the sponsor and the originator route as the country edges closer to Brexit, sources say. 

Risk retention financing given the green light by EBA
The European Banking Authority published the final draft of its regulatory technical standards for securitisations yesterday

European-compliant CLOs try to sidestep US risk retention rules
CLOs complying with European risk retention have had to tweak their legal language to avoid coming under US rules, in what has become known as a ‘conditional sales’ approach

Past returns: KKR CLO was sign of things to come
Five years ago in Creditflux, we reported on KKR Credit pricing a US CLO that complied with European risk retention rules, in what was believed to be one of the first deals of its kind