April 24, 2017 - U.S. secondary loan trading volumes increased 21% to $178.7 billion during the first quarter. The previous record high was established back during 2Q14 at $168.8 billion. First quarter’s tally represented a 22% increase over the same period last year and raised the market’s turn-over ratio to 72% over the last twelve months (compared to full-year 2016’s 68% figure). While quarterly distressed trading volumes remained flat in the $11 billion range, it was par activity ($168 billion) that drove total volumes higher, according to the LSTA 1st Quarter Trade Data Study.
April 24, 2017 - Last week, Congressman Jeb Hensarling (D, TX), Chairman of the House Committee on Financial Services, introduced the CHOICE Act, a sweeping bill that would repeal much of the equally sweeping 2010 Dodd-Frank Act. Importantly for the loan and CLO markets, among the provisions that would be repealed would be the risk retention rules for CLO managers (and everyone other asset class other than residential mortgages) and the Volcker Rule restrictions on banks that prevent them from owning the debt securities of CLOs that hold anything other than loans.
April 24, 2017 - The LSTA is pleased to announce the five winners of our 2017 Loan Operations Conference Survey Raffle. Each of the five lucky winners, out of more than 100 survey respondents, has won a $100 Amazon Gift Card.
April 21, 2017 - The LSTA on Wednesday, April 19th, filed its opening brief with the DC Circuit Court in the final stage of its ongoing lawsuit against the Federal Reserve and SEC on the issue of CLO risk retention
April 21, 2017 - On April 20th the LSTA distributed Exposure Drafts of the following trading documents: (i) Par Confirm Standard Terms and Conditions, (ii) Distressed Confirm, (iii) Distressed Confirm Standard Terms and Conditions, (iv) Purchase and Sale Agreement Transaction Specific Terms, (v) Purchase and Sale Agreement Standard Terms, (vi) Par Participation Agreement Standard Terms (vii) Distressed Participation Agreement Standard Terms, (viii) Proceeds Letter and (ix) Short Form Proceeds Letter. These drafts have been vetted by the Trade Practices and Forms Committee.