Pages from Week_in_Review 03.20.20 - Final

This week, we – like all of you – worked hard to maintain orderliness in the market. In the Newsletter, we flag these efforts, and then move on to analysis of the market today. Specifically, we dissect the secondary loan market, and then we drill deeper into how corporates seek to maintain liquidity, discuss ratings migration and their effect on CLOs. Finally, we flag that the SEC recognizes and is sensitive to the challenges in operating in today’s business environment – but will also expect firms to comply with its rules.


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Mutual Fund Exemptive Relief

On March 26, 2020, the Securities and Exchange Commission's Division of Investment Management issued a no-action letter providing emergency relief to registered open-end investment companies…

Ratings, Rescue Packages and CLOs

Companies are being downgraded at a furious rate due to the ongoing Covid-19 crisis. Unprecedented downgrades could limit CLOs’ ability to reinvest (and hence continue…

Loan Market Rallies Off Its Lows

Finally, the markets have seemed to found a bottom, or at least a temporary reprieve from the record setting declines witnessed over the past two…