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CLOs and leveraged lending do not significantly threaten stability, finds 'congressional watchdog'
3 years ago
CLOs and leveraged lending do not significantly threaten financial stability, according to a report by the US's Government Accountability Office (also known as the congressional watchdog) released yesterday -
BlueCrest settles SEC charges of favouring internal fund over client capital
3 years ago
BlueCrest Capital Management has agreed to pay $170 million to settle charges related to a fund that managed internal capital -
LCH starts clearing US credit index options
3 years ago
LCH, the central clearing house of the London Stock Exchange Group, has expanded its CDSClear service to clear US credit index options -
Real estate debt firm gets over SEC settlement with $180 million fund raise
3 years ago
A Miami-based real estate debt specialist has raised $180 million for a credit fund that appears to have a flexible investment mandate -
Loan market delivers best one-day returns since April due to US election and vaccine
3 years ago
The S&P/LSTA Leveraged Loan Index recorded its best single day returns since April on Monday as investors celebrated in a string of positive developments that sent markets into overdrive -
US election result is 'benign outcome for financial markets', says Nuveen
3 years ago
This week's election in the US is a 'benign outcome for financial markets' even as the final result of the presidential election remains unknown, according to a new report from Nuveen's global investment committee -
European CLOs should obtain STS certification, urges ACC
3 years ago
The Alternative Credit Council has urged policymakers to allow European CLOs to obtain Simple, Transparent and Standardised (STS) certification in a bid to boost non-bank lending -
Dislocation and costly payment debacle highlight loan tech lag
3 years ago
Coronavirus-led dislocation in the leveraged loan market, as well as a bank’s recent claims of human error in making a large loan payment, underscore the industry’s need to embrace long-overdue efficiency improvements -
Changes in scope for CDS indices and tranches ahead of roll
3 years ago
Structural changes look to be afoot globally for CDS indices and tranches ahead of the September roll, with IHS Markit weighing amendments to products in all three traded regions -
Founder of west coast direct lender charged with fraud
3 years ago
Brendan Ross, founder and former chief executive officer of Direct Lending Investments, was arrested and charged with 10 counts of wire fraud yesterday, amid allegations he inflated the value and returns for a fund investment, resulting in mis-statements to investors and around $5-6million in overcharged fees -
Managers advised to refresh disclosures after SEC risk alert
3 years ago
Credit managers should review their conflict disclosures after the SEC issued a risk alert, say lawyers -
US swaps rule relaxation brings underperformance of bank CDS
3 years ago
US Federal Reserve changes to the Volcker rule has caused bank stocks to surge, but credit market perceptions are less positive -
Fed expands scope of Main Street lending programme
3 years ago
The Federal Reserve Board has expanded the scope of its Main Street Lending Programme to allow more small and medium-sized businesses to participate -
Ares fined $1 million by SEC over 'misuse of non-public information'
3 years ago
Ares Management has been fined $1 million by the US Securities and Exchange Commission in a settlement surrounding compliance failure relating to a portfolio company -
Fed expands Main Street direct lending scheme but it's unlikely to help CLOs
3 years ago
The US Federal Reserve Board has expanded the scope of its Main Street Lending Programme following more than 2,200 letters of feedback. Under the third loan facility, lenders will hold 15% of the loan to borrowers with greater leverage -
Fed to publish information on borrowers making use of the talf programme
3 years ago
The US Federal Reserve will disclose information about borrowers making use of its emergency facilities -
SEC proposes new fund valuation framework
3 years ago
The US Securities and Exchange Commission has proposed a new framework for funds to determine fair value for assets for which market quotations are not readily available, which it says will "improve valuation practices and thereby protecting investors and improving market efficiency, integrity and fairness" -
SEC temporarily relaxes regulations for BDCs
3 years ago
The US Securities and Exchange Commission has provided business development companies with temporary relief in light of covid-19 - including the ability of BDCs, who are unable to satisfy asset coverage ratios, to use an alternative form of calculating leverage -
Fed commits $600 billion to SMEs in Main Street Lending facility
3 years ago
The US Federal Reserve has committed to buy up to $600 billion in loans to small and medium-sized businessness through its Main Street Lending Programme. The programme will sit alongisde the existing Payroll Protection Program (PPP), a separate facility exclusively for small businesses -
Trade body asks US government to show it CARES about BDCs
3 years ago
The US federal stimulus maintains existing regulations that exempt portfolio companies from accessing the stiumulus funds. The Institutional Limited Partners Association wants to change that -
Delay on derivatives phase five initial margin roll-out is vital, says Isda
4 years 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-19
4 years 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 -
Managers face ESG disclosure pressure under ‘ambitious and demanding’ EU regulations
4 years 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 relief
4 years 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”. -
Credit event protocol goes into force with 60 extra sign-ups
4 years 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
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