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Euro risk retention becomes must-have feature for US CLOs
10 months ago
For the past four years, risk retention-compliant US CLOs have been viewed as a luxury. But today issuers see a clear advantage to putting skin in the game -
Spectre of US CLO risk retention looms as legislation is introduced
1 year ago
US CLO risk retention could be about to return from the dead. As scary as this sounds it is not a Halloween prank, but rather a result of the “Stop Wall Street Looting Act of 2021” brought about by Senator Elizabeth Warren last week -
US CLO managers with eye on Europe opt for risk retention
2 years ago
The US CLO market celebrated as domestic risk retention requirements were overturned in February 2018, but issuers are increasingly taking down 5% of their CLOs voluntarily with a view to satisfying European risk retention rules -
European CLO managers switch legacy deals to originators ahead of Brexit deadline
2 years ago
A few European CLO managers are undertaking house keeping ahead of the end of the Brexit transition period in January, by switching the method by which their legacy CLOs comply with risk retention from sponsor to originator -
Past returns: Fees on the line
2 years ago
In Creditflux five years ago, we reported that CLO equity investors were insisting on “management fee adjustment clauses” in the event that collateral managers did not consent to a refinancing -
Acis CLO fights back against risk retention financier
2 years ago
A 2014 US CLO which was part of the acrimonious split between asset managers Acis Capital Management and Highland Capital Management has become the centre of a dispute stemming from a risk retention financing agreement signed in 2018 -
Benefit Street markets its first-ever European risk retention compliant CLO
2 years ago
Benefit Street Partners is working with JP Morgan to issue its first-ever CLO structured to comply with European risk retention regulations, in a bid to attract international investors -
Assurant updates 2018 CLO doc to make risk retention positioning clear
3 years ago
One of Assurant’s US CLOs has executed a second supplemental indenture as a result of ‘manifest error’. As previously reported, Assurant’s CLO platform is up for sale -
Early March European CLO makes it through the sell off with 5.4% risk retention
3 years ago
One of the last European CLOs to price before the primary market shut down in March has disclosed the fair value of its notes post-closing, which shows that it has a reasonable 38 basis point cushion against risk retention deficiency -
Back from the dead: CLO risk retention resurfaces in the US
3 years ago
Risk retention is making an unexpected comeback in the US CLO market as more managers look to structure their deals to comply with European risk retention regulations -
GSO aims to place US CLOs in Europe
3 years ago
GSO Capital Partners has launched a manager entity named Blackstone/GSO CLO Management LLC in an effort to sell US CLOs into Europe. -
CIFC targets majority equity with latest CLO fund
3 years ago
CIFC Asset Management is making a quick-fire return to the market with yet another CLO-focussed fund – this time, the CLO manager is in the process of fundraising for a CLO equity fund, according to market sources -
Japanese regulator makes CLOs exempt from risk retention - if loans are appropriately originated
4 years 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 -
CLO market holds breath as Japan risk retention looms
4 years ago
Risk retention compliant US CLOs could make a comeback after the Japan Financial Services Authority (JFSA) unveiled its proposed new risk retention framework, which could tie the hands of the world’s biggest buyers of US CLOs -
Risk retention was difficult, but worth it
4 years ago
When US skin-in-the-game rules were announced in 2014, it was clear they would be a burden for managers. But no one expected risk retention funds to bring new types of investor into CLOs -
ICG prices short-dated reset of 2015 CLO
4 years ago
Intermediate Capital Group priced a short-dated CLO reset yesterday via Credit Suisse -
Mid-market CLO managers can escape risk retention with business development co, SEC confirms
4 years ago
Middle market managers issuing CLOs can escape risk retention requirements through a business development company, according to a no-action letter from the SEC to Golub Capital -
Control equity in recently reset Apollo European CLO goes on the auction block
4 years ago
Control equity in Apollo Global Management’s European CLO will be up for grabs next week -
US manager sheds CLO vertical strip in secondary market
4 years ago
Sources say that a US CLO manager offloaded $65.13 million of CLO paper into the secondary market with the manager shedding vertical strips, held for US risk retention compliance, in two of its CLOs -
CLO managers see risk retention hurdles as Brexit approaches
4 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
4 years ago
The European Banking Authority published the final draft of its regulatory technical standards for securitisations yesterday -
European-compliant CLOs try to sidestep US risk retention rules
4 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 -
MJX ventures into Europe with risk retention-compliant US CLO
4 years ago
MJX Asset Management priced a new issue US CLO on Friday that is compliant with European risk retention rules -
US CLO managers are unwinding risk retention funds, conference hears
5 years ago
While a limited number of US CLO managers have already begun to offload vertically held risk retention, panellists at IMN’s Global ABS conference in Barcelona heard that others have begun winding up funds that hold horizontal retention in their CLOs -
CLO manager looks to sell IG bonds in risk retention-compliant deals
5 years ago
A US CLO manager is looking to offload its risk retention holdings from four of its CLOs
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