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.
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 Asset Management (FSAM) is adding David Heilbrunn as a managing director and member of its management committee..
Like the middle market lender's previous deal, Monroe BSL CLO 2015-1 complies with European risk retention requirements.
CLO issuance has been surprisingly robust in 2015 but as many industry participants observed at an industry conference in New York last week, its likely that the market will be tapping the brakes before the year is out.
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.
Firm: 3i Debt Management
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.Current Issue