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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 -
Caution returns to credit trading following tech sector rout
2 years ago
After a strong Tuesday session, financial markets are taking a more cautious step back on Wednesday amid returning inflation concerns and following a weak session for Chinese tech stocks -
Aoyuan credit event does not require auction settlement: DC
2 years ago
No auction is required to settle CDS contracts referencing China Aoyuan, the Determinations Committee has decided – despite the property developer having triggered a credit event -
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 -
Determinations Committee agrees to rule on first credit event question in 10 months
2 years ago
Credit event triggers are back on the market's list of discussion points for the first time since February, with the Determinations Committee having agreed to rule on an Asian failure to pay question -
Lev loan index rule change proposed to meet Sofr switch
2 years ago
Leveraged loan index stakeholders are being asked for feedback on a proposal that would allow the inclusion of loans linked to Sofr and scrap a minimum spread rule -
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 -
Past returns: Insurers weigh CLO barbell trade to fight Solvency II
2 years ago
Five years ago in Creditflux we reported that insurers in Europe were putting on a CLO barbell trade in reaction to Solvency II regulations which came into effect in January 2016 -
FCA draws up new fund structure for long-term assets
2 years ago
The UK’s Financial Conduct Authority has finalised a new fund structure that is designed to make it easier for defined contribution pension plans to invest in long-term assets -
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 -
Ashurst boosts structured finance and derivatives practice as it brings in partner
2 years ago
Law firm Ashurst has hired a structured finance and derivatives specialist as a partner in its global markets practice -
Blacklisting of Cayman Islands will force Euro CLOs to move
2 years ago
The Cayman Islands could soon be lost at sea for CLO managers looking to establish European and EU-compliant deals, after panellists at Creditflux’s CLO Symposium indicated that regulations ruling out use of the jurisdiction are likely to be implemented -
Points up front: Risk retention gets less than 5% of airtime
2 years ago
In a sign of how buoyant the CLO market is, risk retention was hardly mentioned at Creditflux’s CLO Symposium. Milbank partner John Goldfinch gave a self-deprecating assessment... -
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 -
"Do not rush to set up a check-box approach with negative screening and start de-investing"
2 years ago
Instead of rushing through an ESG framework, asset managers need to adopt a long- and short-term approach -
"China can act how it wants and when it wants in curbing the ambitions of tech firms… but sell offs tend to be opportunities for new buyer
2 years ago
China's latest moves to rein in private enterprise with new rules for education providers have certainly intensified the regulation risk landscape - but Welshcake asks whether this forthrightness could be instructive -
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 -
UK government seeks views on securitisation regulation
2 years ago
The UK government has issued a ‘call for evidence’ for the securitisation regulation, the main law that regulates securitisation activities in the UK. Responses to this will inform the government’s review of the regulation, in a report that will be presented to parliament by 1 January -
Breakthroughs come thick and fast for Libor alternatives
2 years ago
Momentum has gathered around initiatives to replace Libor in contracts, with CME Group obtaining a regulatory nod on the term Secured Overnight Financing Rate (Sofr) as well as moving to launch interest rate futures based on banks’ short term credit yields -
Banks set to offer client clearing of credit index options
2 years ago
Bank members of LCH, the London Stock Exchange's clearing arm, will soon start offering client clearing of CDS index options, as the industry prepares for its next ramp up of margining requirements -
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 -
Fund managers brace for EU’s new sustainability regulations
3 years ago
European fund managers were faced with new environmental, social and corporate governance (ESG) regulations in March, which enhance disclosure requirements around sustainability -
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
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