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BofA points out flaws in NAIC CLO proposal while Morgan Stanley warns of primary slowdown
1 year ago
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
1 year ago
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
1 year ago
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 -
CEO steps down after DWS greenwashing allegations lead to police raid
1 year ago
A tumultuous 24 hours for DWS Group, in which police and regulators raided its office, has been compounded by the resignation of its chief executive officer Asoka Woehrmann on Wednesday morning -
"When the US market gets legislation it does not like, people sue..."
1 year ago
The difference between Americans and Europeans in regards to CLOs -
We’ll get through this awkward patch
1 year ago
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As -
SEC extends comment period for private funds disclosure regulation
1 year ago
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
2 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
2 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
2 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' -
CLO lawyer joins Schulte Roth & Zabel as partner in London
2 years ago
Schulte Roth & Zabel has hired a CLO expert as partner in its London office -
Biden signs Libor transition measures into law
2 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
2 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
2 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
2 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 -
Luxembourg welcomes CLOs with regulatory update
2 years ago
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
2 years ago
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
2 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 -
CLO extremes will do well in '22 but mezz needs caution: BNP Paribas
2 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
2 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
2 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 -
Past returns: Insurers weigh CLO barbell trade to fight Solvency II
2 years ago
Five years ago in Creditflux we reported that insurers in Europe were putting on a CLO barbell trade in reaction to Solvency II regulations which came into effect in January 2016 -
FCA draws up new fund structure for long-term assets
2 years ago
The UK’s Financial Conduct Authority has finalised a new fund structure that is designed to make it easier for defined contribution pension plans to invest in long-term assets -
Spectre of US CLO risk retention looms as legislation is introduced
2 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 -
Blacklisting of Cayman Islands will force Euro CLOs to move
2 years ago
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
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