Conflicts in CLOs: Non-Existence is No Excuse!
As discussed last month, in January the SEC reproposed its 2011 “Prohibition Against Conflicts of Interest in Certain Securitizations Rule (the “Proposed Rule”), which would prohibit…
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The SEC’s Safeguarding Rule: Custody and Surprise Examinations (or Worse) for Loan Funds
The SEC’s proposed Safeguarding Rule includes sweeping and transformative revisions to the current Custody Rule. And the LSTA’s Elliot Ganz explains how the revisions are…
2023: What’s on Deck for Lending?
“It’s tough to make predictions, especially about the future.” Yogi Berra’s warning notwithstanding, we combed the papers for 2023 forecasts and recap the conclusions (and…
CLOs: New Contradictions, Same Opportunities
Earlier this year, we wondered how CLO issuance could be at near-record levels even as new issue CLO AAA spreads hit record highs. As the…
CLOs/Arrangers Grapple with the SEC’s New Adviser Marketing Rule
On November 4th, a revised Marketing Rule promulgated by the SEC goes into effect. The Rule (which was described in detail in an LSTA webinar…
CLO-toberfest: ESG, Tech & Brats
In partnership with Deal Catalyst, yesterday the LSTA co-hosted the third and final leg of a Three-City CLO Roadshow. Panels focused on ESG in CLOs,…
CLO Catch-Up: Issuance and Pricing Riddles
Riddle me this: How can CLO AAA spreads be at (a near-record) 220 bps over SOFR and yet year-to-date CLO issuance be off just 9%…
CLOs: Superior Performance
A recent proposed change in NAIC risk based capital (RBC) for CLOs has provoked lively debate.
CLOs: NAIC-Scent Challenges
In recent years, insurance companies have increased their investment in CLO liabilities, possibly because CLO notes have lower impairments (and often higher yields) than other,…
CLOs: Prices Move, Fundamentals Hold
The markets have been moving hard…have CLOs been a bastion of stability? The LSTA’s Meredith Coffey discusses both the price movements and the fundamental stability…
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