CDOs

News

High Court Takes a Second Look At Second Liens

Bank of American is asking the Justices to overturn lower court rulings that mortgage loans with a secondary lien on a debtor’s asset can be "stripped down" to zero when the collateral is completely underwater. The decision could affect an even wider range of second liens.

Federal Reserve Fix Means Smaller "Fire Sale" for CLO 2.0

Non-U.S. banks don't have to sell holdings of collateralized loan obligations that don't comply with the Volcker Rule; U.S. banks still need to divest or amend the terms of such deals, however.

Leveraged Loan Settlement Times Improving, But Miles to Go

Prolonged trade settlement times are a thorn in the side of the leveraged loan market; there are some recent signs of improvement, though settlement times still vary widely by agent bank.

European CLO Managers' Lament: No Market for Sterling Tranches

Many would love to do more multi-currency deals, which would make it easier, and cheaper, to source collateral. But there’s not much demand for sterling tranches.

Barclays Trims 2015 CLO Forecast to $90B-$100B

The firm had originally expected issuance to be as high as $120 billion as managers rushed to complete deals before risk retention rules take effect in 2016; so far that isn't really happening.

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Articles

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

With Ocwen, Enforcement Is a Balancing Act

State attorneys general continue to aggressively investigate Ocwen Financial's mortgage servicing practices, but they are also mindful that too much enforcement could cripple the company and cause major headaches for millions of homeowners whose loans Ocwen services.

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