- Direct lending (23)
- Emerging markets (3)
- High yield bonds (36)
- Investment grade credit (11)
- Structured credit (12)
- CLO (68)
- Distressed debt (5)
- Credit derivatives (54)
- Leveraged loans (35)
Four days left to join narrowly tailored credit event protocol1 day ago
Those market participants yet to sign up to the International Swaps & Derivatives Association’s protocol on narrowly tailored credit events have until Friday to do so
Deadline just hours away for CDS users to sign Isda protocol2 months ago
Midday New York time is the cut-off for market participants to sign up to the International Swaps & Derivatives Association’s protocol aimed at stamping out narrowly tailored credit events from CDS
Search for clarity over reporting templates leads European CLO managers to tech solutions2 months ago
Service providers are seeking to help European CLO managers comply with their disclosure requirements under the EU securitisation regulation after it emerged last month that relevant reporting must be submitted by March at the latest.
Regrettably, a small number of CLO debt investors insist on ‘hardcoded’ Sofr replacement provisions2 months ago
Sofr looks like the most likely candidate to replace Libor, but it is still risky to write it into CLO documentation
Over 1,200 sign up to CDS protocol2 months ago
Plans to improve CDS market integrity have received a boost, with the International Swaps & Derivatives Association drawing a stronger than expected response to its protocol aimed at stamping out narrowly tailored credit events (NTCEs).
FisherBroyles hires derivatives and regulations specialist as partner2 months ago
FisherBroyles, an Atlanta headquartered law firm, has hired derivatives and securities specialist Julian Hammar as a partner in its New York and Washington, DC offices
CDS traders get second extension on narrowly tailored credit event protocol2 months ago
The International Swaps & Derivatives Association has extended for a second time the deadline for market participants to adhere to a protocol aimed at stamping out narrowly tailored credit events from the CDS market
Traders face Monday deadline for manufactured credit event protocol2 months ago
Interested parties have until Monday to sign up to a protocol aimed at stamping out narrowly tailored credit events from the CDS market, with the International Swaps & Derivatives Association having given extensions on the original deadline
Anti-CDS tactics enter European bond market as high yield pipeline builds3 months 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
LCH and Ice prepare to battle it out over options clearing3 months ago
A fully cleared market for CDS options is getting closer, with the two largest central clearing counterparties (CCPs) set to expand their services.
Narrowly tailored event protocol set to go live in weeks3 months ago
Investors have until 14 October to sign up to an Isda protocol aimed at stamping out narrowly tailored credit events (NTCEs) from the CDS market.
Guidelines fail to assuage fears over loose reporting standards4 months 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.
Esma publishes final guidelines for alternative and Ucits fund liquidity stress-test4 months ago
Fund managers have just over a year to comply with liquidity stress test final guidelines published yesterday by the European Securities and Markets Authority (Esma) for alternative investment funds (AIFs) and undertakings for the collective investment in transferable securities (Ucits)
LCH's French unit adds first Japanese clearing member4 months ago
Mizuho has signed up as the first Japanese clearing member of LCH SA, the French clearing unit of London Stock Exchange-owned LCH Group
CLO market awaits further Volcker amendments as initial tweaks centre on prop trading5 months ago
CLOs will not be impacted by changes to the Volcker rule announced yesterday, which means that rules limiting bond buckets in US CLOs will remain intact for the immediate future. Instead, regulators revealed that some of the rules around bank proprietary trading will be relaxed
Big questions for CDS shorters as Isda protocol countdown begins5 months ago
With only a month to go until the International Swaps & Derivatives Association rolls out its protocol for narrowly tailored credit events, big net buyers of CDS protection should think hard about both its value and maintaining liquidity, says law firm Kramer Levin
New EC fund rules could lead to ‘pre-pre-marketing’5 months ago
The European Commission has approved a standardised concept of ‘pre-marketing’ in a move that could see more capital flow through the European Economic Area. The new definition of pre-marketing is meant to provide clarity, but some sources say that the amendments could be seen as an additional burden and lead to a concept of pre-pre-marketing.
Past Returns: German direct lending’s overhaul5 months ago
In Creditflux five years ago we reported on German fund managers campaigning against regulations which dictated that funds require a banking licence to act as direct lenders. In 2016 they got their way as the German Banking Act stipulated that the banking licence requirement would not be imposed if a direct lender was authorised under the Alternative Investment Fund Managers Directive.
Regulators delay final initial margin deadline and add extra roll-out phase5 months ago
Regulators have granted a one-year reprieve to smaller counterparties from a requirement to post initial margin on derivative trades, while introducing an additional implementation phase. But while a relief for large numbers of firms struggling to meet the deadline, the concession still ignores calls from industry bodies to deploy a higher final capture threshold
Morgan Stanley becomes third bank in four months to join CDSClear6 months ago
Morgan Stanley has signed up as a member of CDSClear at LCH SA
What price lender integrity if myriad interpretations mean nobody knows where they stand?6 months ago
Net short language is seeping into loan documentation. The problem is that some funds may not know their net position
Ireland looks to tweak fund regulation in private debt push6 months ago
Ireland has proposed several technical amendments to its regulated Irish Limited Partnership (ILP) as it tries to regain ground lost to Luxembourg.
Investors raise concerns over obscure wording in CLO docs6 months ago
Europe’s structured credit market has been abiding by the Securitisation Regulation for the best part of six months, but some investors have told Creditflux that they are still not satisfied with the way European CLOs are accounting for potential fines.
US CLO managers see positives as docs include negative notation language to ease move to new reference rate6 months 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.
Creditflux adds net-short loan language topic to Credit Dimensions agenda7 months ago
Creditflux has added the hot new topic of net-short loan language to its Credit Dimensions event in New York on Wednesday
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