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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' -
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 -
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 -
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 -
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 -
DBRS pays $1 million to settle CLO combo note rating charges
2 years ago
Credit ratings agency DBRS Morningstar has agreed to pay $1 million to settle charges relating to the rating of CLO combo notes -
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 -
Differences emerge in shape of new CLO bond buckets
3 years ago
The future of bonds in CLO portfolios is beginning to take shape after amendments to the Volcker rule came into effect in October last year -
CLO managers gain time with Libor deadline extension
3 years ago
US CLO issuers have been given legroom ahead of the transition away from Libor, but as one CLO investor puts it: “While it’s an important development for the CLO market because it alleviates some of the Libor stress, it does not make the problem go away.” -
Less credit volatility expected in Q4 despite US election fallout
3 years ago
CLO issuance was expectedly low in the final week of October in the run-up to the US election, as issuers brace for what has historically been a volatility-inducing macro-event. But prominent market participants say the unprecedented economic backdrop resulting from the pandemic means the outcome of the 2020 election is less likely to move the dial as much as in cycles past -
CLO market splits en route to Volcker rule compliance
3 years ago
Volcker rule amendments freeing CLOs from many of the restrictions of the past decade came into law on 1 October, allowing managers greater flexibility in how they invest their portfolios. But the market is split on how exactly CLO documents should be structured as the first slate of unrestricted CLOs print -
Kroll pays $2 million settlement over control failures in rating CLOs and CMBS
3 years ago
The Securities and Exchange Commission has charged Kroll Bond Rating agency more than $2 million for failures related to rating CLO combo notes, as well as in the CMBS sector -
CLOs given workout flexibility as ‘safe harbour’ now viable
3 years ago
From October CLOs will be permitted to hold equity secu-rities resulting from workout situations, say lawyers at Cad-walader, Wickersham & Taft -
Volcker change for CLOs may be subject to US election outcome, says LSTA
3 years ago
Changes to the Volcker rule that would allow CLOs to hold up to 5% of their portfolios in high yield bonds could be subject to the outcome of the US general election in November, the LSTA has said -
Sidecars give CLOs a shot at driving restructurings
3 years ago
A number of CLO managers are shifting defaulted assets into sidecar vehicles before their transactions close - and sources say a growing number of debt investors are warming to the idea -
Fed allows bonds to return to CLOs from October and signals equity rule change
3 years ago
The US Federal Reserve has finalised amendments to the Volcker rule that will allow CLOs to hold 5% bond buckets. The regulation implies CLOs' ability to hold equity securities may also change
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