- Direct lending (10)
- Emerging markets (1)
- High yield bonds (25)
- Investment grade credit (6)
- Structured credit (4)
- CLO (38)
- Distressed debt (3)
- Credit derivatives (32)
- Leveraged loans (21)
Deadline just hours away for CDS users to sign Isda protocol9 days 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
Regrettably, a small number of CLO debt investors insist on ‘hardcoded’ Sofr replacement provisions10 days ago
Sofr looks like the most likely candidate to replace Libor, but it is still risky to write it into CLO documentation
Over 1,200 sign up to CDS protocol10 days 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).
FisherBroyles hires derivatives and regulations specialist as partner13 days ago
FisherBroyles, an Atlanta headquartered law firm, has hired derivatives and securities specialist Julian Hammar as a partner in its New York and Washington, DC offices
CDS traders get second extension on narrowly tailored credit event protocol20 days 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 protocol23 days 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 builds1 month 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
LCH and Ice prepare to battle it out over options clearing1 month ago
A fully cleared market for CDS options is getting closer, with the two largest central clearing counterparties (CCPs) set to expand their services.
Narrowly tailored event protocol set to go live in weeks1 month 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 standards2 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.
CLO market awaits further Volcker amendments as initial tweaks centre on prop trading2 months ago
CLOs will not be impacted by changes to the Volcker rule announced yesterday, which means that rules limiting bond buckets in US CLOs will remain intact for the immediate future. Instead, regulators revealed that some of the rules around bank proprietary trading will be relaxed
Big questions for CDS shorters as Isda protocol countdown begins3 months ago
With only a month to go until the International Swaps & Derivatives Association rolls out its protocol for narrowly tailored credit events, big net buyers of CDS protection should think hard about both its value and maintaining liquidity, says law firm Kramer Levin
Regulators delay final initial margin deadline and add extra roll-out phase3 months ago
Regulators have granted a one-year reprieve to smaller counterparties from a requirement to post initial margin on derivative trades, while introducing an additional implementation phase. But while a relief for large numbers of firms struggling to meet the deadline, the concession still ignores calls from industry bodies to deploy a higher final capture threshold
What price lender integrity if myriad interpretations mean nobody knows where they stand?4 months ago
Net short language is seeping into loan documentation. The problem is that some funds may not know their net position
US CLO managers see positives as docs include negative notation language to ease move to new reference rate4 months 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.
Creditflux adds net-short loan language topic to Credit Dimensions agenda5 months ago
Creditflux has added the hot new topic of net-short loan language to its Credit Dimensions event in New York on Wednesday
CLO issuance faces threat amid loan definition dispute5 months ago
The clash over Millennium Laboratories’ bankruptcy could have ramifications for the CLO market, and it all hinges on the philosophical question: what is a loan?
Cayman Island hopping: EU laws provoke switch in CLO listings5 months ago
The Cayman Islands Stock Exchange (CSX) is set to become the listing place of choice in 2019 for CLOs put together by US managers — at least, according to a bold prediction by law firm Harneys.
The resolution of narrowly tailored credit events is a leap forward for the CDS market6 months ago
Isda is replacing the mechanistic determination of a failure-to-pay credit event with a more subjective rule
Japan regulation affords CLOs breathing room7 months ago
Japan’s regulators have avoided disruption of the global CLO market by softening the impact of their risk retention rules that came into effect in March
LSTA's Coffey floats five-point plan for Libor replacements7 months ago
"Unlike Brexit, a benchmark is definitely going to happen", the audience at the IMN European CLO and Leveraged Loan conference heard
Leveraged loans pose credit risk but not systemic risk, conference told7 months ago
Regulators and the press need to understand the difference between credit risk and systemic risk, claimed panelists at the IMN European CLOs and Leveraged Loans conference
Japanese regulator makes CLOs exempt from risk retention - if loans are appropriately originated8 months ago
The Japan Financial Services Agency (FSA) has said that CLOs can sit outside the remits of its securitisation regulation, if investors in the country can provide ‘in-depth analysis’ showing the underlying assets were appropriately originated
European regulators lower Solvency II capital charges for private debt8 months ago
The European Commission has amended Solvency II rules to make it easier for insurance companies to invest in private debt and private equity
CDS relative value traders shift their bets as Europe trades inside US8 months ago
Credit derivative markets have hit a point of position cutting and resetting, with the iTraxx Europe index having dipped inside its US counterpart CDX IG for the first time since December even as the European Central Bank’s new funding programme underwhelmed financials traders
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