- Direct lending (24)
- Emerging markets (3)
- High yield bonds (42)
- Investment grade credit (12)
- Structured credit (12)
- CLO (77)
- Distressed debt (6)
- Credit derivatives (56)
- Leveraged loans (37)
Delay on derivatives phase five initial margin roll-out is vital, says Isda4 days ago
Regulators must agree to delay the roll out of the next initial margin phase because of the coronavirus pandemic - and notify the market soon, the International Swaps and Derivatives Association has said in a letter signed by 21 trade associations
SEC relaxes borrowing rules for funds affected by covid-195 days ago
The US Securities and Exchange Commission has granted registered funds temporary relief and flexibility to borrow capital from affiliates and enter into lending arrangements as they address the impacts of covid-19 on their portfolios
Fed accepts triple A-rated CLOs in new 'primary dealer credit facility'13 days 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 hike20 days 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 BofA21 days 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 record25 days 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 bill1 month 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 proposals1 month ago
A fight is brewing over the National Association of Insurance Commissioners’ proposals to tighten regulations for insurers that buy purchase CLO combo notes
- Weak borrowers are likely to be hit as lenders start accounting for expected losses1 month ago
CLOs in line to benefit with Volcker rewrite on the horizon1 month 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.
Managers face ESG disclosure pressure under ‘ambitious and demanding’ EU regulations1 month ago
New rules finalised by the European Union will shake up the way managers approach environmental, social and governance investing, sources say. The ambitious initiative is relevant for funds which have a specific ESG mandate — but will also be applicable to firms without an express ESG or sustainability focus.
BDCs feel squeeze on liquidity as SEC rejects plea for relief1 month ago
Sources say that the chances of relief being granted to business development companies over the acquired fund fees and expenses (AFFE) rule are slim. Last month, industry body Coalition for Business Development stated optimistically that the “harm caused by the AFFE disclosure can be remedied in the final fund of funds rules”.
Volcker amendments will be good for CLO equity and bad for CLO debt, says Wells Fargo1 month 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
Fed gives green light to CLO bond buckets2 months ago
The Federal Reserve has published a reproposal to the covered funds definition in the Volcker rule that should give a green light to the return of 5% bond buckets in US CLOs
Credit event protocol goes into force with 60 extra sign-ups2 months ago
The International Swaps & Derivatives Association is going live today with a protocol aimed at stamping out narrowly tailored credit events from the CDS market, having signed up 1,358 entities
Four days left to join narrowly tailored credit event protocol2 months 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 protocol4 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 solutions4 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 provisions4 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 protocol4 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 partner4 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 protocol5 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 protocol5 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 builds5 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 clearing5 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.
Want all the latest news, comment, analysis and data?