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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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…
The LSTA Meets with the SEC on Volcker
As we noted recently, because of recent litigation over whether term loan Bs should be considered securities, the implications for CLOs of the current interpretation…
CLOs: Who’s Holding (for the Long-Term)?
There have been the periodic comments that i) no one knows who owns CLO notes and ii) this might mean fire sales in a downturn.…
LSTA Promotes CLO Industry in Pensions & Investments
Our own Lee Shaiman, executive director of the LSTA, recently contributed a by-lined article on the health of the CLO industry to Pensions & Investments.…
Volcker Rule Update: Intersection of Regulation and Litigation
On August 20th, the Federal Deposit Insurance Company (FDIC) and the Office of the Comptroller of the Currency (OCC) separately approved final rules amending rules…
LIBOR Fallbacks: Good News… and Less Good News
There is good news – and less good news – on LIBOR fallback language in cash products like loans, FRNs and CLOs. On the good…
CLOs & LIBOR: Hardwired Fallbacks Appear
According to LCD, and illustrated in the COW, there have been at least 145 U.S. CLOs issued thus far in 2019. That represents 145 opportunities…
LIBOR Fallbacks: Are Loans and CLOs Aligned?
There are $1.2 trillion of institutional loans outstanding, and nearly $700 billion are housed in CLOs. When the reference rate of loans and CLOs are…
CLOs: Not So Opaque
Over the past several months, there has been considerable discussion around CLOs, their alleged opacity, their investors and their long-term stabilizing (or destabilizing) effect on…
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