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Tour De Private Credit: BeSPOKE Private Loan Securitizations Gain Traction

With the turbulent macroeconomic climate, we have seen increased growth over the past couple of years in alternative private credit financing structures. In particular, there has been an upswing in private, bespoke...more

The TALF CLO Trilogy Concludes: Too Little, Too Late

The Fed throws a bone to the CLO market by reducing the non-call period from three years to one year, but this small victory will likely have little impact given the numerous obstacles which remain unaddressed....more

TALF CLO Update: The Fed Puts More Devil in its Details

The Fed releases more specifics and a start date for its Term Asset Backed Loan Facility (TALF) program, but overall the picture which emerges makes it less likely that the program will facilitate the flow of credit to US...more

CLOs and Term Asset-Backed Securities Loan Facility (TALF)—We’re Not That Desperate (Yet)

As revised, TALF may provide a safety net in the event of catastrophic CLO market conditions but is not likely to meet the goal of reviving the corporate loan market Introduction - On May 12, 2020, the Federal Reserve...more

Japanese Risk Retention: JFSA Favors Diligence Over Disruption

The new Japanese Risk Retention Rules will lead to increased loan and collateral manager due diligence by Japanese investors but not wholesale changes to the CLO market. Background - On March 15, 2019, the Japanese...more

Japanese Risk Retention: Tidal Wave or Ripple in Still Waters?

On December 28, 2018, the Japanese Financial Services Agency (the “JFSA”) published a number of notices detailing proposed changes in the regulatory capital requirements applicable to Japanese banks and certain other...more

DC Circuit Court Newsflash: “Transfer” means “Transfer”

In an eagerly anticipated (and much speculated upon) decision, a three judge panel of the United States Court of Appeals for the District of Columbia Circuit (“DC Circuit Court”) issued a unanimous opinion on Friday, February...more

SEC Issues Interpretive Letter on Proposed Applicable Margin Reset Mechanism

The staff of the Division of Corporate Finance (the “Staff”) of the U.S. Securities and Exchange Commission issued an interpretive letter (the “Interpretive Letter”) to Sancus Capital Management LP and its affiliates (“Sancus...more

“Risk Retentionizing” Your CLO: A Post-Effective Date Guide to Risk Retention Compliance

Over the last year and a half, asset managers of collateralized loan obligations (“CLO Managers”) have been focused on developing various strategies to enable them to comply with the retention requirements of the final U.S....more

EU Risk Retention - Some Good News From Brussels

Following Dechert’s Legal Update published on 14 September 2015, we have had sight of an updated draft of the proposed EU legislation on securitisations. The updated draft shows signs that regulators have taken on board some...more

Securitisation Regulation - Recast Retention Provisions Update

The Financial Times published leaked drafts of proposed EU legislation on securitisations on August 25.1 The draft regulations, which would be directly effective in EU member states if adopted, propose changes to the current...more

The Rise of the C-MOA

Since the release of the final U.S. risk retention rule (the “Final Rule”) in October 2014, CLO market participants have been grappling with its ramifications and working to devise solutions that permit collateral managers to...more

7/29/2015

U.S. Risk Retention Final Rule: Capitalized Manager Vehicles, Majority Owned Affiliates and Other FAQs

Since its initial release we have received numerous inquiries from market participants (clients and non-clients alike) concerning the meaning and ramifications of the final U.S. risk retention rule (the “Final Rule”) on...more

Old Wine in New Bottles: The Emergence of the P2P Small Business Lending Securitizations

This last year has seen an uptick in activity in the peer to peer commercial loan market in the U.S., which, broadly speaking, includes loans made by non-traditional financing sources to small businesses (“P2P Commercial...more

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