Big Win for CLOs: The SEC Backs Off Rule 15c2-11
In an act of great importance to the CLO market, the SEC this week, in response to a request for exemptive relief (and a lawsuit)…
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LIBOR Cessation Updated
In this video, we discussed the LIBOR transition process and the decision points for CLOs. Presented by Meredith Coffey of the LSTA, Nicole Skalla of…
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…
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.
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