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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 -
US CLO managers see positives as docs include negative notation language to ease move to new reference rate
4 years ago
Europe might be making progress, but US CLO managers are less than preoccupied with the looming transition away from US dollar-Libor based pricing. -
CLO issuance faces threat amid loan definition dispute
4 years ago
The clash over Millennium Laboratories’ bankruptcy could have ramifications for the CLO market, and it all hinges on the philosophical question: what is a loan? -
Cayman Island hopping: EU laws provoke switch in CLO listings
4 years ago
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. -
Leveraged loans pose credit risk but not systemic risk, conference told
5 years ago
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 -
Market favours retrospective over forward-looking approach to Ibor benchmark fallbacks, says Isda
5 years ago
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 -
LSTA asks for return of CLO bond buckets as part of Volcker reform
5 years ago
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
5 years ago
This year has already broken records for the European CLO market, but a new dose of regulatory uncertainty could put that growth at risk -
Investors debate merits of bond buckets as regulators revisit Volcker rule
5 years ago
CLOs with bond buckets could return in the US as federal agencies have signalled their willingness to roll back certain parts of the Volcker rule -
They said it: regulators are using The Big Short as their frame of reference
6 years ago
The LMA’s Nicholas Voisey describes why it’s difficult to campaign for the European loan market -
Libor has a new contender as New York Fed launches SOFR
6 years ago
The New York Federal Reserve has launched a benchmark US that may eventually replace Libor: the Secured Overnight Financing Rate (SOFR) -
Fight for US loans commences following risk retention U-turn
6 years ago
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
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