News & Analysis as of

Collateralized Loan Obligations

Effects of House Tax Reform Bill on Securitizations and Funds

On November 2, 2017, Republicans in the House of Representatives released their long-anticipated tax reform bill (the “Bill”). The Bill, which is entitled the “Tax Cuts and Jobs Act,” includes significant changes to the...more

CLO Market Booms as Regulatory Uncertainty Abates

by White & Case LLP on

European Leveraged Finance Alert Series: Issue 8 - Collateralised loan obligations ("CLOs") have provided over $515 billion in financing to non-investment grade corporates in the US since 2011, and over €75 billion to...more

Orrick's Financial Industry Week In Review

CFPB Issues Final Rule Temporarily Raising Reporting Threshold for Home Equity Loans Under Home Mortgage Act Rules - On August 24, 2017, the Consumer Financial Protection Bureau (the "CFPB") issued a new rule that amends...more

The Sequel to the Global Financial Crisis Is Not the CLO! (Ok, Not Yet)

by Dechert LLP on

Last week, an article written by Mr. Frank Partnoy, professor of law at the University of San Diego, appeared in the Financial Times and was subsequently picked up by The Wall Street Journal. Mr. Partnoy argues that the...more

A first-time flyers introduction to structured finance for aircraft, ships and trains

by Dentons on

In the US, borrowers often tap the capital markets when fund raising. In Europe this is less common due to the current availability of cheap bank funding on this side of the Atlantic. However, this state of affairs could...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - SEC Adopts Jobs Act Amendments - On April 5, the Securities and Exchange Commission ("SEC") announced that it has adopted amendments to increase the amount of money companies can...more

The future of European leveraged debt: While fears of another downturn loom, the European financial markets have innovated,...

by White & Case LLP on

Leveraged debt markets in Europe have shown resilience this year. However, with so many factors up in the air in 2017—from politics to interest rates, regulations and investor sentiment—the question remains whether this will...more

Debt Dialogue: January 2017

This month’s issue of Debt Dialogue address handover of records to a substitute collateral manager (in the Tilton litigation), the EU bail-in rules, the interplay of Section 3(c)(7) of the Investment Company Act and rights of...more

[Event] Finance Forum - December 1st, Charlotte, NC

Cadwalader, Wickersham & Taft LLP is sponsoring its inaugural Finance Forum in Charlotte, North Carolina on December 1st.  Join Cadwalader, Wickersham & Taft LLP and fellow industry leaders to discuss emerging trends, market...more

Application of New Debt-Equity Regulations to Securitizations

On October 13, 2016, Treasury and the IRS issued new final and temporary “anti-inversion” regulations under section 385 of the Internal Revenue Code that could treat certain purchasers of notes issued by securitizations as...more

Controversial Debt-Equity Regulations Finalized With Limited Fixes, Concessions and Reservations by Government

On October 13, 2016, Treasury and the IRS issued important new final and temporary regulations (the “Regulations”) under section 385 of the Internal Revenue Code addressing the treatment of intercompany debt for U.S. federal...more

Orrick's Financial Industry Week In Review

Financial Industry Developments - CTFC Approves Proposed Rules Addressing Application of Certain CEA Regulations to Cross-Border Transactions - On October 11, 2016, the U.S. Commodity Futures Trading Commission...more

Rating Agency Developments

On October 11, 2016, S&P published its methodology for surveilling ratings of U.S. residential mortgage-backed securities principal only strip securities. Report. On October 7, 2016, Moody’s published its rating methodology...more

Zika Keeps Investors Away From ABS East, But Not From CLOs

by Dechert LLP on

Although registration was up this year for IMN’s 22nd Annual ABS East conference held at the Fontainebleau Miami Beach earlier this month, attendance was lower than it’s been in previous years as many industry participants...more

A Report From the Risk Retention Front-Lines

by Dechert LLP on

Your correspondent is fresh from the front-lines of the risk retention wars where great armies of lawyers, bankers and advisers are fixedly staring at each other, staring out of the redoubts of their respective defensive...more

SEC Issues Interpretive Letter on Proposed Applicable Margin Reset Mechanism

by Dechert LLP on

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

The Pendulum Swings: Originator Managers and CLO Regulatory Topics

by Dentons on

The European risk retention rules have been in a state of flux for some time. Proposals surfaced in 2015 which placed a greater emphasis on ensuring compliance with the spirit of the rules and outlawing any circumvention...more

LSTA Imposes New Rules for Par Trades in the Secondary Bank Loan Market

Delayed compensation is currently a “no fault” adjustment to a purchase price that compensates a buyer for a delay in settlement beyond T+7 (seven days after the trade date). Under the LSTA’s new “requirements-based...more

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

by Dechert LLP on

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

What does Brexit mean for the European CLO Market?

In its referendum held on 23 June 2016, the UK voted to leave the European Union (“Brexit”). On the following day, David Cameron announced that he will resign as Prime Minister on the election of a new Conservative Party...more

"Despite Challenges, Risk Retention Rules Set to Impact All Asset-Backed Securities by End of 2016"

Credit risk retention rules are intended to promote an alignment of interests between sponsors and investors of securitizations by requiring sponsors to maintain “skin in the game” — that is, retain a certain percentage of...more

Observations from ABS Vegas: The CLO Perspective

by Dechert LLP on

Over the past few years, the ABS Vegas conference has been the place for industry participants to congratulate each other on a job well done (most recently on a record-setting 2015 for CLO primary issuance), meet-and-greet...more

Dodd-Frank Credit Risk Retention Rules: House Financial Services Committee Passes Bill to Reduce Compliance Burden for Collateral...

by Ropes & Gray LLP on

On March 2, 2016, the House Financial Services Committee approved a bill, H.R. 4166, sponsored by Representatives Andy Barr (KY) and Dave Scott (GA), that would significantly reduce the credit risk retention obligations...more

Lenders Beware: Ignore Warning Signs at Your Peril

by Buchalter on

A recent ruling of the Seventh Circuit Court of Appeals resulted in an otherwise secured lender’s claim being rendered unsecured because the lender ignored warning signs casting doubt on the debtor’s right to pledge the...more

The Year in Review: 2015 FINRA Enforcement Actions

by K&L Gates LLP on

Over the past several years, the Financial Industry Regulatory Authority (“FINRA”), the self-regulatory organization responsible for regulating every brokerage firm and broker doing business with the U.S. public, brought...more

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