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New US CLOs brace for EU’s Article 7 reporting requirements
4 months ago
Investors now need Article 7 reporting compliance for new non-EU securitisation investments (such as US CLOs). This includes high-level portfolio reporting to investors, including loan-by-loan data in greater depth than even CLO trustee reports provide. -
US managers brace for CLO reporting overhaul as new EU investments become subject to Article 7
5 months ago
US CLO managers could face an administrative headache with EU investors investing in new and secondary market US CLOs now requiring more exacting detail of underlying portfolios. This follows the long-awaited European Commission Securitisation Regulation report overhauling investment rules -
CLO arrangers and managers prepare for new marketing rule from November
5 months ago
CLO arrangers will need to work together with CLO managers in the coming weeks to ensure compliance, interpret the rules and set guidelines over what they can and cannot communicate with investors without disclosures -
Regulators give securitisation another tranche
8 months ago
A gloomy economic outlook and drought in primary markets cast a deflated mood over last month’s Global ABS 2022 conference in Barcelona. But regulators and central banks’ encouraging attitude towards securitisation was in sharp contrast -
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 -
"When the US market gets legislation it does not like, people sue..."
9 months ago
The difference between Americans and Europeans in regards to CLOs -
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 -
Phase 6 of uncleared margin rules drives CDS clearing volumes
10 months ago
2022 is shaping up to be a bumper year for CDS clearing activity, not only due to increased trading of the asset class, but a confluence of other factors, such as regulations, product expansion and wider geographical reach -
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 -
CLOs retreat back to Libor as Sofr gets cancelled
11 months ago
Cancel culture has arrived in the CLO market, with newly implemented benchmark Sofr having been scrapped in favour of a return to Libor, after it 'made managers feel sad' -
CLO lawyer joins Schulte Roth & Zabel as partner in London
1 year ago
Schulte Roth & Zabel has hired a CLO expert as partner in its London office -
CLOs go island hopping as EU rules bar Cayman Islands
1 year ago
Swathes of CLO special purpose vehicles are set to be relocated this month following the introduction of European Union regulations designating the Cayman Islands as a money laundering location -
Luxembourg welcomes CLOs with regulatory update
1 year ago
Luxembourg updated its securitisation regulations on Wednesday in a move which, among other things, makes the country a more CLO-friendly domicile -
Luxembourg opens for CLO business after regs update
1 year ago
Upcoming changes to Luxembourg’s securitisation regulation could deliver a huge boost to its CLO market, in a move that would see the jurisdiction compete with market leader Ireland -
Caution returns to credit trading following tech sector rout
1 year 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 -
CLO extremes will do well in '22 but mezz needs caution: BNP Paribas
1 year 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
1 year 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
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 -
Past returns: Insurers weigh CLO barbell trade to fight Solvency II
1 year 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
1 year 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 -
Ashurst boosts structured finance and derivatives practice as it brings in partner
1 year 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
1 year 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
1 year 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... -
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
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