- Direct lending (22)
- Emerging markets (3)
- High yield bonds (26)
- Investment grade credit (6)
- Structured credit (12)
- CLO (64)
- Distressed debt (4)
- Credit derivatives (42)
- Leveraged loans (32)
Big questions for CDS shorters as Isda protocol countdown begins3 days 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’17 days 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 overhaul17 days 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 phase26 days 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 CDSClear1 month 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?1 month 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 push1 month 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 docs1 month 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 rate1 month 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 agenda2 months ago
Creditflux has added the hot new topic of net-short loan language to its Credit Dimensions event in New York on Wednesday
CLO issuance faces threat amid loan definition dispute2 months 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 listings2 months 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.
Cadwalader's Tobias: investors are pushing back against cash leaking out of a CLO [video]3 months ago
Cadwalader partner Daniel Tobias discusses the impact of the EU's Securitisation Regulation for CLOs at the Creditflux CLO symposium on 8 May
Market making begins in German bank senior preferred CDS3 months ago
Dealers will today begin making markets in senior preferred CDS of German banks, following the implementation of a protocol created by the International Swaps & Derivatives Association
The resolution of narrowly tailored credit events is a leap forward for the CDS market3 months ago
Isda is replacing the mechanistic determination of a failure-to-pay credit event with a more subjective rule
Ashurst promotes structured products lawyer as one of 21 new partners3 months ago
Ashurst has promoted to partner a London-based lawyer who specialises in derivatives and debt capital markets
LCH signs up first Italian member to CDSClear3 months ago
Banca IMI, the investment bank of Intesa Sanpaolo, has signed up as the first Italian member of CDSClear at LCH SA, the French clearing unit of London Stock Exchange-owned LCH Group
Three "critical safeguards" required for competitive loan syndication, European Commission says4 months ago
The European Commission has published its final report on European loan syndication and the impact of competition in credit markets, in which it outlines three "critical safeguards"
Esma amends recognitions for UK CCPs in event of no-deal Brexit4 months ago
The European Securities and Markets Authority (Esma) will continue to recognise three UK-based central counterparties (CCPs) and the UK Central Securities Depository (CSD) in the event of a no-deal Brexit on 12 April
Japanese investors must confirm assets are appropriate... CLO managers can provide assurances4 months ago
The stipulation that Japanese banks invest in appropriately formed assets is unlikely to hurt the CLO industry
Distressed specialists monitor weaknesses in direct lending4 months ago
Stressed and distressed debt managers might be best served by looking at the direct lending market for opportunities. Sources say that two of the most experienced direct lenders in the business have been forced to deal with problem credits in their portfolios
Japan regulation affords CLOs breathing room4 months ago
Japan’s regulators have avoided disruption of the global CLO market by softening the impact of their risk retention rules that came into effect in March
LSTA's Coffey floats five-point plan for Libor replacements4 months 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 told4 months 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
Ashurst hires counsel with structured products experience5 months ago
Ashurst has appointed a counsel in its global markets practice in Paris
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