CLOs Are Simply Not a Source of Systemic Risk to the Banking System
A recent internet meme posits that the U.S. banking system is on the precipice of collapse. Today’s catalyst,the Collateralized Loan Obligation or CLO, the theory…
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Could CLO AAA Tranches Actually Suffer Losses in the Downturn?
A question has recently been traversing the internet: “Could CLO AAA notes suffer significant and troubling credit losses?
TALF & CLOs: Take Two Webcast Replay
On May 12th, the Federal Reserve released its revised TALF Term Sheet and, more importantly, its FAQs. The revised TALF works better for CLOs, but…
TALF & CLOs: Into the Weeds
n April 9th, the Federal Reserve announced an additional $2.3 trillion of lending programs, which included the Term Asset-Backed Securities Loan Facility (“TALF”).
TALF & CLOs
On Thursday, April 9th, the Federal Reserve announced an additional $2.3 trillion of lending programs, including rough term sheets for many programs.
The Federal Reserve’s $2.3 Trillion Lending Programs And the Syndicated Loan Market Presentation
On April 9, 2020, the Federal Reserve took additional actions to provide up to $2.3 trillion in loans to support the economy. The programs include…
Ratings, Rescue Packages and CLOs
Companies are being downgraded at a furious rate due to the ongoing Covid-19 crisis. Unprecedented downgrades could limit CLOs’ ability to reinvest (and hence continue…
Loans: Liquidity, Credit and CLOs
It’s still not pretty out there, and loans still are no exception. This week, we focus on i) how companies are responding to liquidity concerns,…
LSTA Statement on CLO Liquidity
In light of recent market conditions, the LSTA has received a number of inquiries whether CLOs will be forced to significantly liquidate their loan positions…
Brave New World: Operationalizing SOFR!
At this point, most lenders know that LIBOR is likely to cease shortly after the end of 2021 and the Secured Overnight Funding Rate (“SOFR”)…
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