How Solvency II Might Hit Demand for U.S. Asset-Backeds

Analysts from the bank are scratching their heads over the regulatory treatment for European insurers investing in U.S. asset-backeds directly or through funds. Their advice to regulators: postpone Solvency II until 2017.

Fitch: CLO Risk Retention Plans Aren’t ‘One Size Fits All’

A survey of some 50 managers of collateralized loan obligations indicates that just over 40% plan to employ the “horizontal” strategy and nearly 35% to employ the “vertical” strategy; many will decide on a deal-by-deal basis.

Fifth Street Hires CLO Pro David Heilbrunn

Fifth Street Asset Management (FSAM) is adding David Heilbrunn as a managing director and member of its management committee..

Monroe Capital Prices its 1st Broadly Syndicated CLO

Like the middle market lender's previous deal, Monroe BSL CLO 2015-1 complies with European risk retention requirements.

CLO Market's Wild Ride May Be Near an End

CLO issuance has been surprisingly robust in 2015 – but as many industry participants observed at an industry conference in New York last week, it’s likely that the market will be tapping the brakes before the year is out.



CLO Triple-As Still Calling the Shots

The limited number of buyers able to write big tickets allows them players to dictate terms.

No Exception to Risk Retention for CLOs

Risk-retention rules could thin the ranks of CLO managers; the industry was hoping for a workaround, but what it got is pretty much unworkable.

Risk Retention Rules May Shrink U.S. CLO Market

The U.S. market for collateralized loan obligations would shrink by 75% if proposed risk-retention rules are implemented, according to the Loan Syndication and Trading Association.

People on the Move

DFG Taps Goldman Vet, Barclays Bulks Up on CMBS, Ares Adds Jeffrey Kramer and the ASF Retains Mike Williams as Policy Adviser

CLO Managers Grapple with S&P Recovery Test

A shift in the leveraged loan market has intensified grumbling among CLO managers about the way Standard & Poor’s rates the senior tranches of these deals.


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Andrew Bellis

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Firm: 3i Debt Management

In the news: European CLO Managers' Lament: No Market for Sterling Tranches

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Current Issue

How CLO Managers Are Preparing for Risk Retention

It's one of the biggest regulatory hurdles the market has faced since the financial crisis, and promises to bring wholesale changes to the structures of transactions as well as to the business models of managers. Clifford Chance partner Steven Kolyer weighs in.

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