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Proposed SEC rules "possibly existential" for open-ended loan funds, says LSTA
4 months ago
The US Securities and Exchange Commission's upcoming new rule focusing on liquidity management in open-ended funds could have “possibly existential” and negative implications for loan mutual funds and exchange traded funds in its current form, according to the LSTA -
Judges rule in favour of Citi in overturning Revlon decision
6 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
9 months 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
9 months 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 -
SEC's CDS proposals could impede market rather than help it: Barclays
11 months ago
New rules proposed by the US Securities & Exchange Commissions to tighten oversight of the CDS market could mean big changes for the market and have the effect of sapping activity, warn Barclays credit strategists in a note published on Thursday -
CLO market and congress plead with SEC to extend rule comment period to 90 days
11 months 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 -
SEC warns private fund investors about misleading fund disclosure and due diligence failures
1 year ago
The US Secuties & Exchange Commission published a risk alert on Friday detailing a range of compliance issues it has observed in examining registered private fund advisers -
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
1 year 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
1 year 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
1 year 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
1 year 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
1 year 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 -
New valuation rules to 'severely limit' fixed income cross trades
2 years ago
Law firm Practus believes that new SEC rules will limit a fund’s ability to cross-trade fixed income investments after the regulator adopted fund valuation rules in December -
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 -
Loan market delivers best one-day returns since April due to US election and vaccine
2 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
2 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 -
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
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