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

Judges rule in favour of Citi in overturning Revlon decision
Citi has won its appeal against Revlon creditors, forcing a consortium of asset managers to return more than half a billion dollars received in an accidental transfer in 2020

NAIC softens CLO stance with collaborative approach, but equity tranches come into focus
The National Association of Insurance Commissioners’ summer meeting last week offered some rays of light that the institution is favouring a collaborative approach as it looks to model CLOs inhouse

Investors disagree on impact of NAIC’s CLO modelling proposal
A split is forming among insurance-backed CLO investors, with some not concerned by the National Association of Insurance Commissioners’ CLO proposals

NAIC accepts "excellent" CLO performance, but is not convinced by manager influence
The National Association of Insurance Commissioners has disclosed that it received eight responses to its CLO proposal with the firm summarising these responses as cautious

Deadline for NAIC comment letter looms
The deadline for the CLO industry to submit a comment letter in relation to the NAIC’s proposed changes for risk-based capital charges for CLOs is here, with plenty of work going on behind the scenes from market participants including the LSTA and insurers

BofA points out flaws in NAIC CLO proposal while Morgan Stanley warns of primary slowdown
Bank of America research has pointed out what it believes are further flaws in the National Association of Insurance Commissioners’ proposal to take CLO modelling and monitoring in-house. And Morgan Stanley research says the CLO proposals could weaken demand for CLO triple Bs in particular, hampering CLO formation

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

NAIC unit suggests going beyond ratings by taking CLO evaluations in-house
A unit within the National Association of Insurance Commissioners has recommended that it takes oversight of the CLO investments held by US insurers by modelling these holdings in-house

SEC extends comment period for private funds disclosure regulation
Following letters from several institutions including the LSTA, the SEC has extended the comment period on its proposed “Private Fund Advisers; Documentation of Registered Investment Adviser Compliance Reviews” rule

CLO market and congress plead with SEC to extend rule comment period to 90 days
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
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

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

Biden signs Libor transition measures into law
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
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
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
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

Zais scores first for new issue CLOs under Sofr regime
Zais Group has priced what sources say could be the first five-year new issue broadly syndicated loan reinvesting CLO issue of 2022 

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

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

Spectre of US CLO risk retention looms as legislation is introduced
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

Blacklisting of Cayman Islands will force Euro CLOs to move
The Cayman Islands could soon be lost at sea for CLO managers looking to establish European and EU-compliant deals, after panellists at Creditflux’s CLO Symposium indicated that regulations ruling out use of the jurisdiction are likely to be implemented