Loan Syndications and Trading News

August 18, 2017 - The LSTA has distributed to members information relating to the Caesar's Bankruptcy so that those loan market participants who have an interest in that bankruptcy are alerted to information relating to the Caesar's Election, which was launched on August 16th, and the related Election Procedures.

August 17, 2017 - Since the LIBOR speech by Andrew Bailey, Chief Executive of the FCA on July  27th, markets have been buzzing about whether LIBOR is ending, when it might end, and what loans and CLOs would do. On August 17th, the LSTA hosted a webcast walking through i) why LIBOR might end, ii) what the replacement might be, and iii) ways to approach loans and CLOs.  We recap these issues below and encourage you to visit our LIBOR webcast page for slides and a replay.

August 17, 2017This week, there was more news out of Washington. We speak, of course, of tax reform.

August 10, 2017 - On October 24th in NYC, the LSTA is hosting some 1,200 loan market participants at its 22nd Annual Loan Conference. This year, we are focused on risks and opportunities in the world (and loan market) today, tomorrow and five years hence. Considering the current standoff with North Korea (among other issues), geopolitical risk is (or should be) top of everyone’s minds. Good thing, then, that our keynote speaker is James Clapper, the Director of National Intelligence from 2010 to 2017 and a retired Air Force Lieutenant General who served two tours in Southeast Asia.  Clearly, Director Clapper is an accomplished thinker on geopolitical threats. 

August 8, 2017 - Last week the Office of the Comptroller of the Currency (“OCC”), one of the three main banking regulators involved in the promulgation of the final Volcker Rule regulations issued under Section 619 of Dodd Frank, published a notice soliciting public comment on “whether certain aspects of the implementing regulation should be revised to better accomplish the purposes” of the underlying statute.  Why should we care?  While the Volcker Rule regulations did not materially impact the loan market, very expansive (and, arguably, overreaching) interpretations by the regulators of the meanings of the terms “ownership interests” of “covered funds” resulted in the prohibition on banks from purchasing any debt obligations issued by CLOs that were not comprised solely of loans and cash equivalents.

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