SOFR: Addressing Basis Biases
As highlighted in Nomura’s Special Topics on January 24th, basis risk has been on CLO managers’ (and equity holders’) minds. While the focus generally has…
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Leveraged Lending and CLO White Paper
Broadly syndicated loans to non-investment grade U.S. Corporations are widely misunderstood outside of the loan industry. A number of commentators imply that leveraged loans are…
CLO Risk Retention: The Window To Appeal Has Closed
At midnight last night, the last opportunity for the government to file a petition for certiorari to the United States Supreme Court in its risk…
CLO Risk Retention Timeline: Soup (DF Act) to Nuts (Court Ruling)
As LSTA members likely know, on February 9, 2018, the US Court of Appeals for the DC Circuit ruled in favor of the LSTA, issuing…
CLO Risk Retention Ruling: Analysis From the Trenches
(article updated on February 15, 2018) - On February 9, 2018, the United States Court of Appeals for the District of Columbia Circuit (the Circuit…
2017 CLO Review, 2018 Preview: Necessity is the Mother of Invention
As of Thursday mid-day, the U.S. CLO market continued to await its first new deal of 2018. There is in fact a large pipeline of…
CLOsing Out the Year in Style
After we all feared that risk retention would materially hamstring the CLO market, 2017 has gone in a rather different direction. In fact, with several…
CLO Milestones & Millstones
Last week, new U.S. CLO issuance climbed past $100 billion and this week, it’s aiming for $105 billion. And this understates actual activity as there…
CLOs: The Big Long
A recent article by the author of “Fiasco: Blood in the Water on Wall Street” argued that CLOs are the new CDOs. To put it…
CLOs: June Flowers
It may be shaping up to be a rather strong year for CLOs. After a dismal January, U.S. CLO formation moved at a solid clip…
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