Libor has a new contender as New York Fed launches SOFR
The New York Federal Reserve has launched a benchmark US that may eventually replace Libor: the Secured Overnight Financing Rate (SOFR)

Deadline passes for federal agencies to appeal risk retention ruling
CLOs passed another milestone on the journey away from risk retention as the SEC and Federal Reserve Board did not appeal the court decision by the 45-day deadline

Fight for US loans commences following risk retention U-turn
US CLOs are set to be free from risk retention in the next few weeks. Headache over for US CLO managers? Not really – now it becomes a fight to source the assets that will populate CLOs

Past returns: Europe's own risk retention rewrite
Five years ago we reported that European CLO managers were hunting for partners to retain risk retention on their behalf. Shortly after, regulators performed a U-turn (nothing new here) and decided to prohibit third parties from acting as risk retainers

They said it: CLO managers are a generous sort
With US risk retention set to be repealed, one CLO equity investor is convinced that managers will readily return 'risk retention capital' to investors

CLO managers look to offload vertical strips
The pending withdrawal of US risk retention will result in CLO managers looking to sell vertical strips - if they can negotiate an early redemption of their financing agreements

CLO managers likely to be exempt from risk retention from 2 April, says LSTA
US CLO managers' exemption from Dodd-Frank risk retention rules will come into effect on 2 April unless the government appeals the ruling, the LSTA says

Reprieved: US CLO managers are not subject to risk retention, court rules
The LSTA has prevailed in its lawsuit against the SEC and the Federal Reserve board, with an appeals court ruling that CLO managers are not subject to credit risk retention laws under the Dodd-Frank Act

Law firm bolsters its CLO practice after hiring from Credit Suisse
Law firm Chapman and Cutler has further strengthened its CLO and structured finance practice, bringing in a figure from Credit Suisse's new issue CLO team

EBA provides clarity on risk retention under STS regime
The European Banking Authority has laid out guidance for risk retention, which provides details on the transfer of risk retenton from one entity to another and what qualifies as a CLO originator

European CLO managers aim for ‘full compliance’
November has seen an increase in new European CLOs complying with US risk retention rules, with at least five ‘fully compliant’ CLOs pricing

Market is always wrong on effect of CLO rule changes
Risk retention has made little difference to the CLO industry. And it’s disappearance will similarly have little impact

CLO managers brace for impact as securitisation regulatory changes pass
A new securitisation regime has passed the European Parliament – and it imposes onerous requirements on CLO managers, according to capital markets lawyer David Quirolo

Drop risk retention for most CLOs, says Treasury
Loan managers have spent millions of dollars ensuring they have the infrastructure in place to tackle risk retention rules. However, there is now a possibility that the concept of risk retention will not apply to CLOs

Help us to re-write the Volcker rule, says US bank regulator
OCC gives first indication that regulators may be willing to exclude CLOs from the definition of “covered funds”

Regulators delay implementation of STS rules
Regulators in Europe have opted to take a slow and steady approach to implementing new simple, transparent and standardised (STS) and revamped risk retention rules.

US Treasury proposals could breathe new life into CLO market-making
The US Treasury Department yesterday proposed a dramatic paring back of the Dodd-Frank Act, but made no mention of changing the risk retention rules in relation to CLOs

Market participants strike bullish tone on STS regulation
IMN’s Global ABS Conference in Barcelona came to a close yesterday and one of the main talking points for the ABS market was the successful resolution to disputes between the market and the European parliament over STS (simple, transparent and standardised) legislation

Europe drops plans for tougher risk retention rules
The European Union has pulled back from plans that would have made it much harder to structure CLOs

SEC to vote on rule which could change the way CLOs are marketed
Yet another rule designed to regulate the CLO market is expected to be finalised today.

Five options for Volcker-compliant CLOs. No.1: don't comply
The five clear ways for European managers to achieve Volcker compliance (or not) was revealed at Creditflux's conference last week