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US election result is 'benign outcome for financial markets', says Nuveen
3 years ago
This week's election in the US is a 'benign outcome for financial markets' even as the final result of the presidential election remains unknown, according to a new report from Nuveen's global investment committee -
Dislocation and costly payment debacle highlight loan tech lag
3 years ago
Coronavirus-led dislocation in the leveraged loan market, as well as a bank’s recent claims of human error in making a large loan payment, underscore the industry’s need to embrace long-overdue efficiency improvements -
Ares fined $1 million by SEC over 'misuse of non-public information'
3 years ago
Ares Management has been fined $1 million by the US Securities and Exchange Commission in a settlement surrounding compliance failure relating to a portfolio company -
It's confirmed: loans are not bonds in " victory for the flow of capital to American businesses"
3 years ago
You're a loan. No, nothing to do with lockdown and social distancing. It's actually a victory for the $1.2 trillion US loan market as a court ruling finds that loans are not securities in the long-running Kirschner v. JP Morgan Chase case -
Fed announces first loan subscription date for talf
3 years ago
The Federal Reserve Bank of New York announced yesterday that the first loan subscription date for the term asset-backed securities loan facility will be 17 June and the first loan closing date will be 25 June -
Investors watch Libor amid inter-bank liquidity concerns
4 years ago
After a freefall to 74 basis points on 12 March, CLO managers found some relief in watching Libor rise to 120bp during the second part of the month. -
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. -
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 -
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 -
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. -
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. -
LSTA's Coffey floats five-point plan for Libor replacements
5 years ago
"Unlike Brexit, a benchmark is definitely going to happen", the audience at the IMN European CLO and Leveraged Loan conference heard -
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 -
Behave yourselves: EBA policy advisor warns against misuse of securitisation rules
5 years ago
The European securitisation market has come a long way over the last decade, and the message from one policy advisor is clear – don’t do anything to mess it up. -
US regulation drives insurance money towards credit ETFs
5 years ago
Institutional investors are increasingly allocating to credit exchange-traded funds (ETFs), but their motivations are changing. These vehicles are famed for their liquidity, but several investors are said to be pouring money into them for the long term amid regulatory changes which have made ETF investments more favourable -
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 -
They said it: My friend (not a fan of the president) said she would erect a statue of Trump if there was any further Volcker rule rollback
5 years ago
A US lawyer tells us that President Donald Trump is gaining admirers in the credit industry. -
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 -
Federal Reserve seeks comment on proposed Volcker rule changes
5 years ago
Amendments to the Volcker rule took another step forward yesterday after the Federal Reserve Board released a note requesting feedback on proposed changes to the rule -
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) -
Fund industry braces for further impact after court's DOL fiduciary rule decision
6 years ago
The US Department of Labor (DOL) had said it will not enforce its embattled ‘fiduciary rule’ following a legal ruling last week – but one regulatory lawyer says fund industry players should nevertheless brace for several impacts of that ruling -
Ares leads the way as US tax reform prompts corporate structure rethink
6 years ago
Ares Management has announced its conversion from a partnership tax structure to a corporation or C-Corp – and it’s likely other managers will follow suit now that US taxation law changes – the most comprehensive tax reform in more than three decades – have taken effect
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