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ESMA regulations could halt European issuance, says LMA
5 years ago
The European securitisation market is at risk of a “cessation of issuance and market disruption” unless the European Securities and Markets Authority (ESMA) allows a phased implementation of the new regulatory framework due to come into effect from January, according to the Loan Market Association (LMA) -
LSTA asks for return of CLO bond buckets as part of Volcker reform
5 years ago
The Loan Syndication and Trading Association is advocating the return of high yield bond baskets within US CLO portfolios in what could be another sign of the shackles being loosened on CLO regulation in the US -
CLO managers give ESMA requirements a test run
5 years ago
This year has already broken records for the European CLO market, but a new dose of regulatory uncertainty could put that growth at risk -
ESMA strikes European CLO market with new regulatory burdens
5 years ago
The European Securities and Markets Authority yesterday published its final report for the technical standard on disclosure requirements under securitisation regulation, outlining the new reporting requirements for European CLOs coming into effect from 1 January -
CLO managers see risk retention hurdles as Brexit approaches
5 years ago
Barriers are emerging to UK-based CLO managers seeking risk retention compliance via both the sponsor and the originator route as the country edges closer to Brexit, sources say. -
Risk retention financing given the green light by EBA
5 years ago
The European Banking Authority published the final draft of its regulatory technical standards for securitisations yesterday -
BDCs turn to CLO financing as effective alternative to bilateral leverage agreements
5 years ago
Business development companies now have the ability to take on an extra turn of leverage, but rating constraints mean they could end up using CLOs instead -
Investors debate merits of bond buckets as regulators revisit Volcker rule
5 years ago
CLOs with bond buckets could return in the US as federal agencies have signalled their willingness to roll back certain parts of the Volcker rule -
European-compliant CLOs try to sidestep US risk retention rules
5 years ago
CLOs complying with European risk retention have had to tweak their legal language to avoid coming under US rules, in what has become known as a ‘conditional sales’ approach -
Past returns: KKR CLO was sign of things to come
5 years ago
Five years ago in Creditflux, we reported on KKR Credit pricing a US CLO that complied with European risk retention rules, in what was believed to be one of the first deals of its kind -
Cadwalader's Quirolo: start preparing for the new securitisation rules in Europe (video)
5 years ago
Cadwalader partner David Quirolo spoke to Creditflux's Hugh Minch after his panel at the Creditflux Symposium earlier this month -
US CLO market bids farewell to risk retention as appeals deadline passes
5 years ago
The SEC and the Federal Reserve have not petitioned the US Supreme Court to appeal the ruling exempting CLOs from risk retention, meaning the agencies’ last opportunity to get the ruling repealed has passed -
They said it: regulators are using The Big Short as their frame of reference
5 years ago
The LMA’s Nicholas Voisey describes why it’s difficult to campaign for the European loan market -
CLOs legally freed from US risk retention rules
6 years ago
'Open-market' CLOs were legally freed from US risk retention rules yesterday, although the threat of a Supreme Court appeal remains until May -
Libor has a new contender as New York Fed launches SOFR
6 years ago
The New York Federal Reserve has launched a benchmark US that may eventually replace Libor: the Secured Overnight Financing Rate (SOFR) -
Deadline passes for federal agencies to appeal risk retention ruling
6 years ago
CLOs passed another milestone on the journey away from risk retention as the SEC and Federal Reserve Board did not appeal the court decision by the 45-day deadline -
Fight for US loans commences following risk retention U-turn
6 years ago
US CLOs are set to be free from risk retention in the next few weeks. Headache over for US CLO managers? Not really – now it becomes a fight to source the assets that will populate CLOs -
Past returns: Europe's own risk retention rewrite
6 years ago
Five years ago we reported that European CLO managers were hunting for partners to retain risk retention on their behalf. Shortly after, regulators performed a U-turn (nothing new here) and decided to prohibit third parties from acting as risk retainers -
They said it: CLO managers are a generous sort
6 years ago
With US risk retention set to be repealed, one CLO equity investor is convinced that managers will readily return 'risk retention capital' to investors -
CLO managers look to offload vertical strips
6 years ago
The pending withdrawal of US risk retention will result in CLO managers looking to sell vertical strips - if they can negotiate an early redemption of their financing agreements -
CLO managers likely to be exempt from risk retention from 2 April, says LSTA
6 years ago
US CLO managers' exemption from Dodd-Frank risk retention rules will come into effect on 2 April unless the government appeals the ruling, the LSTA says -
Reprieved: US CLO managers are not subject to risk retention, court rules
6 years ago
The LSTA has prevailed in its lawsuit against the SEC and the Federal Reserve board, with an appeals court ruling that CLO managers are not subject to credit risk retention laws under the Dodd-Frank Act -
Law firm bolsters its CLO practice after hiring from Credit Suisse
6 years ago
Law firm Chapman and Cutler has further strengthened its CLO and structured finance practice, bringing in a figure from Credit Suisse's new issue CLO team -
EBA provides clarity on risk retention under STS regime
6 years ago
The European Banking Authority has laid out guidance for risk retention, which provides details on the transfer of risk retenton from one entity to another and what qualifies as a CLO originator -
European CLO managers aim for ‘full compliance’
6 years ago
November has seen an increase in new European CLOs complying with US risk retention rules, with at least five ‘fully compliant’ CLOs pricing
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