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FCA greenlights synthetic Libor
2 months ago
The UK’s Financial Conduct Authority has given the go-ahead for ‘synthetic Libor’ as it creates a bridge for Libor contracts that do not have any hard-wired language referencing Sofr. -
Judges rule in favour of Citi in overturning Revlon decision
8 months ago
Citi has won its appeal against Revlon creditors, forcing a consortium of asset managers to return more than half a billion dollars received in an accidental transfer in 2020 -
CEO steps down after DWS greenwashing allegations lead to police raid
1 year ago
A tumultuous 24 hours for DWS Group, in which police and regulators raided its office, has been compounded by the resignation of its chief executive officer Asoka Woehrmann on Wednesday morning -
We’ll get through this awkward patch
1 year ago
Wide liabilities have made pricing CLOs trickier in the past few months. But speakers at Creditflux’s CLO Symposium were optimistic that the arbitrage is OK — so long as you can place those triple As -
CLO market and congress plead with SEC to extend rule comment period to 90 days
1 year ago
SEC rule proposals are no page-turners: members of the US congress are looking to extend comment periods from 30 days to 90 days. Recent SEC rule proposals require commentors to read and analyse roughly 3,570 pages and respond to 2,260 individually identified questions -
Biden signs Libor transition measures into law
1 year ago
The Libor legislations, which recieved bipartisan support, are aimed at giving clarity to tough-to-amend Libor contracts that lack adequate fallback language, and supporting a smooth transition away from Libor -
Senate introduces bipartisan bill for “tough" legacy Libor contract transitions
1 year ago
Four senators introduced a bill on Wednesday to provide a replacement framework for “tough legacy” financial contracts that reference Libor but cannot be easily changed -
Lev loan index rule change proposed to meet Sofr switch
1 year 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
1 year 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 -
CLOs face uncertainty as Libor rate deadline looms
1 year 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"
1 year ago
Instead of rushing through an ESG framework, asset managers need to adopt a long- and short-term approach -
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 -
CME touts forward-looking Sofr term benchmarks
2 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 -
ESG drive poses little threat to CLO returns or flexibility, says Moody's
2 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
2 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 -
CLO issuers flex their bond muscles
2 years ago
Some panellists at Creditflux’s US CLO Investor Summit pointed to structural difficulties, but the consensus was that flexibility — particularly the ability to buy bonds — could improve performance -
CLOs and leveraged lending do not significantly threaten stability, finds 'congressional watchdog'
2 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 -
Partners triggers frequency switch event on European CLO
2 years ago
Partners Group has made the rare decision to flip the frequency switch on one of its European CLOs -
Dislocation and costly payment debacle highlight loan tech lag
2 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 -
It's confirmed: loans are not bonds in " victory for the flow of capital to American businesses"
3 years ago
You're a loan. No, nothing to do with lockdown and social distancing. It's actually a victory for the $1.2 trillion US loan market as a court ruling finds that loans are not securities in the long-running Kirschner v. JP Morgan Chase case -
Fed announces first loan subscription date for talf
3 years ago
The Federal Reserve Bank of New York announced yesterday that the first loan subscription date for the term asset-backed securities loan facility will be 17 June and the first loan closing date will be 25 June -
Investors watch Libor amid inter-bank liquidity concerns
3 years ago
After a freefall to 74 basis points on 12 March, CLO managers found some relief in watching Libor rise to 120bp during the second part of the month. -
Managers seeking bond buckets will need high yield track record
3 years 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. -
Regrettably, a small number of CLO debt investors insist on ‘hardcoded’ Sofr replacement provisions
3 years ago
Sofr looks like the most likely candidate to replace Libor, but it is still risky to write it into CLO documentation -
US CLO managers see positives as docs include negative notation language to ease move to new reference rate
3 years 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.
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