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Securities regulators call for improvement in practices in CLO market
8 months ago
IOSCO, an international policy forum for securities regulators, has called for improvement in practices in both the leveraged loan and CLO markets. -
New US CLOs brace for EU’s Article 7 reporting requirements
1 year ago
Investors now need Article 7 reporting compliance for new non-EU securitisation investments (such as US CLOs). This includes high-level portfolio reporting to investors, including loan-by-loan data in greater depth than even CLO trustee reports provide. -
US managers brace for CLO reporting overhaul as new EU investments become subject to Article 7
1 year ago
US CLO managers could face an administrative headache with EU investors investing in new and secondary market US CLOs now requiring more exacting detail of underlying portfolios. This follows the long-awaited European Commission Securitisation Regulation report overhauling investment rules -
CLO arrangers and managers prepare for new marketing rule from November
1 year ago
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 -
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 -
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 -
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 -
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 -
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 -
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 -
CLOs face uncertainty as Libor rate deadline looms
2 years ago
CLO equity valuations could be increasingly under the spotlight in coming months, as sources warn of disruption while the market grapples with basis risk between Libor and Sofr in loans and CLO notes -
CLO market explores move out of Cayman amid EU clampdown
2 years ago
CLO market participants are exploring moving their special purpose vehicles out of the Cayman Islands following amended European Union rules that could designate the territory as a blacklisted tax haven -
CME touts forward-looking Sofr term benchmarks
3 years ago
CME Group has begun publishing term benchmarks for the secured overnight interest rate (Sofr) as part of the global push to move away from Libor in financial markets -
ESG drive poses little threat to CLO returns or flexibility, says Moody's
3 years ago
Environmental, social and governance investment criteria are not impairing CLOs either in flexibility or performance, Moody's Investors Service has found in a new report -
Sofr fix nears launch as CLOs face term rate void
3 years ago
Three months into 2021, grounds for optimism have grown little that a term rate will be found before the end of the year to replace Libor in loans, CLOs, CDS and other contracts. But hopes are rising that solutions such as credit spread adjustments could help mitigate performance uncertainty -
European CLO trades wide in secondary amid CLO risk retention issue
3 years ago
A European CLO manager has been caught in a rare situation owing to risk-retention compliance for its 2015-vintage Euro Galaxy IV – and CLO traders have factored this in the secondary market -
Six European CLO managers switch to Ireland after Dutch tax hike
3 years ago
European CLO managers have been rapidly shifting their Netherlands-domiciled SPVs to Irish DAC vehicles, according to sources, including PGIM, Barings and Cairn -
European CLO managers switch legacy deals to originators ahead of Brexit deadline
3 years ago
A few European CLO managers are undertaking house keeping ahead of the end of the Brexit transition period in January, by switching the method by which their legacy CLOs comply with risk retention from sponsor to originator -
Partners triggers frequency switch event on European CLO
3 years ago
Partners Group has made the rare decision to flip the frequency switch on one of its European CLOs -
VAT guidance leaves CLO managers in 'limbo' as they weigh options
4 years ago
The Dutch Tax Authority’s move to ease the pressure on European CLO managers by grandfathering deals against VAT until at least January 2021 has drawn mixed responses -
European CLOs earn VAT wiggle room - and varying grandfathering protection
4 years ago
European CLOs domiciled in the Netherlands have been given some breathing room as various stock exchange announcements suggest the Dutch Tax Authority (DTA) will not retroactively impose VAT bills on CLOs -
CLO manager notices cast doubt on Dutch VAT hike
4 years ago
An expected Netherlands VAT tax on CLOs has been thrown into doubt today, with several managers issuing announcements to their investors that suggested there will be a grace period, as well as no back payment
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