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Dutch VAT ruling to reduce impacted CLO equity returns by 1 to 2%, says BofA
4 years ago
The Dutch tax authority’s decision to charge a 21% VAT on CLO collateral management fees will have a ‘substantial’ impact on equity, with returns likely to be 1 to 1.2% lower going forward, according to a research paper published by Bank of America -
Managers seeking bond buckets will need high yield track record
4 years ago
US CLOs could soon be permitted to buy corporate bonds amid an overhaul of the Volcker rule, but market sources say that in the short term bond flexibility is a luxury that will only be afforded to a select group of CLO managers. -
Dutch-registered CLO costs to jump 10bp as managers face VAT bill
4 years ago
CLO special purpose vehicles in the Netherlands are to be clogged with a 21% VAT bill on management fees, according to market sources, a blow to equity investors in around 20% of European CLOs -
CLO industry pushes back against NAIC's combo note proposals
4 years ago
A fight is brewing over the National Association of Insurance Commissioners’ proposals to tighten regulations for insurers that buy purchase CLO combo notes -
New accounting rules could be the axe that decapitates zombie credits
Weak borrowers are likely to be hit as lenders start accounting for expected losses4 years ago -
CLOs in line to benefit with Volcker rewrite on the horizon
4 years ago
The Volcker rule is set to get a shake-up and CLOs look likely to benefit, according to market sources. As Creditflux goes to press, a board of US regulators is expected to announce proposals to update the 2010 law. -
Managers face ESG disclosure pressure under ‘ambitious and demanding’ EU regulations
4 years ago
New rules finalised by the European Union will shake up the way managers approach environmental, social and governance investing, sources say. The ambitious initiative is relevant for funds which have a specific ESG mandate — but will also be applicable to firms without an express ESG or sustainability focus. -
BDCs feel squeeze on liquidity as SEC rejects plea for relief
4 years ago
Sources say that the chances of relief being granted to business development companies over the acquired fund fees and expenses (AFFE) rule are slim. Last month, industry body Coalition for Business Development stated optimistically that the “harm caused by the AFFE disclosure can be remedied in the final fund of funds rules”. -
Volcker amendments will be good for CLO equity and bad for CLO debt, says Wells Fargo
4 years ago
Proposed changes to the Volcker rule announced last week by the Federal Reserve, which would allow CLO managers to hold 5% bond buckets, are positive for CLO equity and ‘marginally negative’ for CLO debtholders, according to a research paper from Wells Fargo -
Fed gives green light to CLO bond buckets
4 years ago
The Federal Reserve has published a reproposal to the covered funds definition in the Volcker rule that should give a green light to the return of 5% bond buckets in US CLOs -
Credit event protocol goes into force with 60 extra sign-ups
4 years ago
The International Swaps & Derivatives Association is going live today with a protocol aimed at stamping out narrowly tailored credit events from the CDS market, having signed up 1,358 entities -
Four days left to join narrowly tailored credit event protocol
4 years ago
Those market participants yet to sign up to the International Swaps & Derivatives Association’s protocol on narrowly tailored credit events have until Friday to do so -
Deadline just hours away for CDS users to sign Isda protocol
4 years ago
Midday New York time is the cut-off for market participants to sign up to the International Swaps & Derivatives Association’s protocol aimed at stamping out narrowly tailored credit events from CDS -
Search for clarity over reporting templates leads European CLO managers to tech solutions
4 years ago
Service providers are seeking to help European CLO managers comply with their disclosure requirements under the EU securitisation regulation after it emerged last month that relevant reporting must be submitted by March at the latest. -
Regrettably, a small number of CLO debt investors insist on ‘hardcoded’ Sofr replacement provisions
4 years ago
Sofr looks like the most likely candidate to replace Libor, but it is still risky to write it into CLO documentation -
Over 1,200 sign up to CDS protocol
4 years ago
Plans to improve CDS market integrity have received a boost, with the International Swaps & Derivatives Association drawing a stronger than expected response to its protocol aimed at stamping out narrowly tailored credit events (NTCEs). -
FisherBroyles hires derivatives and regulations specialist as partner
4 years ago
FisherBroyles, an Atlanta headquartered law firm, has hired derivatives and securities specialist Julian Hammar as a partner in its New York and Washington, DC offices -
CDS traders get second extension on narrowly tailored credit event protocol
4 years ago
The International Swaps & Derivatives Association has extended for a second time the deadline for market participants to adhere to a protocol aimed at stamping out narrowly tailored credit events from the CDS market -
Traders face Monday deadline for manufactured credit event protocol
4 years ago
Interested parties have until Monday to sign up to a protocol aimed at stamping out narrowly tailored credit events from the CDS market, with the International Swaps & Derivatives Association having given extensions on the original deadline -
Anti-CDS tactics enter European bond market as high yield pipeline builds
4 years ago
‘Anti-net short’, or ‘anti-CDS’, provisions are set to enter the European corporate bond market for the first time, as Merlin Entertainments and Kantar wrap up roadshows for deals financing their acquisitions by private equity firms -
LCH and Ice prepare to battle it out over options clearing
4 years ago
A fully cleared market for CDS options is getting closer, with the two largest central clearing counterparties (CCPs) set to expand their services. -
Narrowly tailored event protocol set to go live in weeks
4 years ago
Investors have until 14 October to sign up to an Isda protocol aimed at stamping out narrowly tailored credit events (NTCEs) from the CDS market. -
Guidelines fail to assuage fears over loose reporting standards
4 years ago
The Chartered Financial Analyst (CFA) Institute’s new hedge fund reporting guidelines come into play next year, but some say they fall short of a much-needed overhaul. -
Esma publishes final guidelines for alternative and Ucits fund liquidity stress-test
4 years ago
Fund managers have just over a year to comply with liquidity stress test final guidelines published yesterday by the European Securities and Markets Authority (Esma) for alternative investment funds (AIFs) and undertakings for the collective investment in transferable securities (Ucits) -
LCH's French unit adds first Japanese clearing member
4 years ago
Mizuho has signed up as the first Japanese clearing member of LCH SA, the French clearing unit of London Stock Exchange-owned LCH Group
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