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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 -
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 -
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 -
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 -
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
4 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 -
CLO market welcomes 'favourable and surprising' revisions to talf, but issues remain
4 years ago
CLO participants are welcoming the 'many favourable and even pleasantly surprising' revisions to the term asset backed lending facility announced by the US Federal Reserve today to address previous concerns. This could help reignite the market, but some issues were not addressed -
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 -
Fed backs new issue CLO triple As in amended talf programme
4 years ago
The Federal Reserve’s term asset-backed securities loan facility (talf) has been expanded to support CLO triple As -
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. -
Fed accepts triple A-rated CLOs in new 'primary dealer credit facility'
4 years ago
The US Federal Reserve Board will establish a primary dealer credit facility on Friday (20 March) to help defend against the impact of coronavirus-led market volatility -
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 -
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 -
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. -
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
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