- Direct lending (3)
- Emerging markets (2)
- High yield bonds (remove)
- Investment grade credit (8)
- Structured credit (1)
- CLO (7)
- Distressed debt (4)
- Credit derivatives (17)
- Leveraged loans (19)
It's confirmed: loans are not bonds in " victory for the flow of capital to American businesses"2 days 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
SEC proposes new fund valuation framework1 month 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"
Managers seeking bond buckets will need high yield track record2 months 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.
Weak borrowers are likely to be hit as lenders start accounting for expected losses3 months ago
Managers face ESG disclosure pressure under ‘ambitious and demanding’ EU regulations3 months 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.
Volcker amendments will be good for CLO equity and bad for CLO debt, says Wells Fargo3 months ago
Proposed changes to the Volcker rule announced last week by the Federal Reserve, which would allow CLO managers to hold 5% bond buckets, are positive for CLO equity and ‘marginally negative’ for CLO debtholders, according to a research paper from Wells Fargo
Fed gives green light to CLO bond buckets3 months ago
The Federal Reserve has published a reproposal to the covered funds definition in the Volcker rule that should give a green light to the return of 5% bond buckets in US CLOs
Credit event protocol goes into force with 60 extra sign-ups4 months 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
Four days left to join narrowly tailored credit event protocol4 months ago
Those market participants yet to sign up to the International Swaps & Derivatives Association’s protocol on narrowly tailored credit events have until Friday to do so
Deadline just hours away for CDS users to sign Isda protocol6 months ago
Midday New York time is the cut-off for market participants to sign up to the International Swaps & Derivatives Association’s protocol aimed at stamping out narrowly tailored credit events from CDS
Over 1,200 sign up to CDS protocol6 months ago
Plans to improve CDS market integrity have received a boost, with the International Swaps & Derivatives Association drawing a stronger than expected response to its protocol aimed at stamping out narrowly tailored credit events (NTCEs).
CDS traders get second extension on narrowly tailored credit event protocol7 months ago
The International Swaps & Derivatives Association has extended for a second time the deadline for market participants to adhere to a protocol aimed at stamping out narrowly tailored credit events from the CDS market
Traders face Monday deadline for manufactured credit event protocol7 months ago
Interested parties have until Monday to sign up to a protocol aimed at stamping out narrowly tailored credit events from the CDS market, with the International Swaps & Derivatives Association having given extensions on the original deadline
Anti-CDS tactics enter European bond market as high yield pipeline builds7 months ago
‘Anti-net short’, or ‘anti-CDS’, provisions are set to enter the European corporate bond market for the first time, as Merlin Entertainments and Kantar wrap up roadshows for deals financing their acquisitions by private equity firms
Narrowly tailored event protocol set to go live in weeks7 months ago
Investors have until 14 October to sign up to an Isda protocol aimed at stamping out narrowly tailored credit events (NTCEs) from the CDS market.
Guidelines fail to assuage fears over loose reporting standards8 months ago
The Chartered Financial Analyst (CFA) Institute’s new hedge fund reporting guidelines come into play next year, but some say they fall short of a much-needed overhaul.
Esma publishes final guidelines for alternative and Ucits fund liquidity stress-test8 months ago
Fund managers have just over a year to comply with liquidity stress test final guidelines published yesterday by the European Securities and Markets Authority (Esma) for alternative investment funds (AIFs) and undertakings for the collective investment in transferable securities (Ucits)
LCH's French unit adds first Japanese clearing member8 months ago
Mizuho has signed up as the first Japanese clearing member of LCH SA, the French clearing unit of London Stock Exchange-owned LCH Group
New EC fund rules could lead to ‘pre-pre-marketing’9 months ago
The European Commission has approved a standardised concept of ‘pre-marketing’ in a move that could see more capital flow through the European Economic Area. The new definition of pre-marketing is meant to provide clarity, but some sources say that the amendments could be seen as an additional burden and lead to a concept of pre-pre-marketing.
US and UK sound post-Brexit derivatives regulatory accord1 year ago
The US Commodity Futures Trading Commission (CFTC) and the Bank of England have issued a joint statement assuring derivative market participants of continued access to trading and clearing after the UK’s exit from the European Union
CDS food fight as UNFI sues Goldman Sachs over SuperValu deal1 year ago
United Natural Foods Inc (UNFI) has summoned Goldman Sachs to court, accusing the bank of bad faith in the way it handled the US retailer’s buyout of SuperValu last year, a transaction which caused the target firm’s CDS spread to bloat by over 200bp in one day
Ziggo CDS protection buyers get a lift as DC votes for successor1 year ago
Holders of credit default swap protection on Ziggo Bond Finance have received a boost, with the EMEA Determinations Committee ruling that contracts structured under the 2014 Isda credit derivative definitions have a successor – dispelling fears they would be orphaned.
US regulation drives insurance money towards credit ETFs1 year ago
Institutional investors are increasingly allocating to credit exchange-traded funds (ETFs), but their motivations are changing. These vehicles are famed for their liquidity, but several investors are said to be pouring money into them for the long term amid regulatory changes which have made ETF investments more favourable
Past returns: Bond buckets are pipedreams, right?1 year ago
Five years ago in Creditflux we reported that Webster Bank’s CLO tranche investor Francis Mitchell had created a working group in response to the Volcker rule determining that regional banks could no longer invest in CLOs with bond buckets
Creditex obtains CFTC swap execution facility exemption1 year ago
Creditex, the electronic brokerage for corporate bonds and credit default swaps, has been granted an exemption from a requirement to register with the US Commodity Futures Trading Commission as a swap execution facility
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