Guggenheim Securities tapped Mario Verna as a managing director in its fixed income group, focused on CLO originations.
Managers and arrangers of U.S. collateral loan obligations have struggled to satisfy the European Unions risk retention requirement. However, the final draft rules published by the European Banking Authority include a new concession that may assist U.S. managers in accessing an investor base in the region.
The Securities and Exchange Commission has tweaked its proposal for Regulation AB II to address consumer privacy concerns and has requested public comment on the change
The strong growth in U.S. CLO issuance in 2013 didnt do much to shake up Moody's manager league tables, in part because so many deals came from new entrants.
The impetus for calling CLOs normally comes from spread tightening on triple-A tranches, but deals exiting their non-call periods have seen more compression in mezzanine spreads, according to Barclays.
The limited number of buyers able to write big tickets allows them players to dictate terms.
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.
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.
DFG Taps Goldman Vet, Barclays Bulks Up on CMBS, Ares Adds Jeffrey Kramer and the ASF Retains Mike Williams as Policy Adviser
A shift in the leveraged loan market has intensified grumbling among CLO managers about the way Standard & Poors rates the senior tranches of these deals.