At long last, more than four years after Dodd-Frank became law, the Federal Reserve Board has scheduled a vote on final rules implementing risk retention for CLOs and other securitization vehicles. The hearing will take place at 3:30 next Wednesday, October 22nd and much is at stake for CLO managers and the market generally.
In stark contrast to equity gyrations, LSTA/Thomson Reuters Mark-to-Market (MTM) loan prices remained stable in the secondary this week; inching up eight basis points from last week’s 17-month low of 97.46 (the last time the average was below 97.5 was in July of 2013).
October 10, 2014, New York, NY – In observance of the U.S. Columbus Day holiday, the Loan Syndications and Trading Association (LSTA) recommends treating Monday, October 13, 2014 as a loan market holiday for purposes of calculating delayed compensation under the LSTA standard forms of trade confirmation.
At the latest LSTA seminar/webinar held on October 7th, David Hoyt, Kenneth Rothenberg, and Paul Silverstein, partners of Andrews Kurth, presented “Claims Trading - Basic Building Blocks & Beyond”.
The U.S. bankruptcy regime is the envy of the world. But that might be changing. The American Bankruptcy Institute’s Commission to Study the Reform of Chapter 11 has noted that "the expansion of the use of secured credit" has "affected the effectiveness of the current Bankruptcy Code" and identifies as one of its primary goals the "maximization and realization of asset values for all creditors and stakeholders".