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Loan Syndications and Trading News

June 24, 2016 - The fallout was immediate, harsh – possibly a market overreaction – and predictable. The impact when the markets opened was brutal: As the WSJ published at 4 am ET, 9 am GMT, the FTSE 100 and Stoxx Europe 600 both tumbled over 8%, the S&P futures pointed toward an opening down as much as 5%, the daily limit, Greece was down 13%, Spain and Italy were down 11%. The British pound fell as low as $1.32, a level last seen in 1985.

March 3, 2016 - On Wednesday, March 2, 2016, HR 4166 (the QCLO bill), which was sponsored by Representative Andy Barr (KY) and Representative Dave Scott (GA), was passed by the House Financial Services Committee 42-15. Notably, 10 Democrats joined the bill.

February 24, 2016 - On Wednesday, February 24, 2016, Meredith Coffey, LSTA EVP of Research, testified in favor of legislation to create a common sense solution to risk retention on behalf of the LSTA during the Capital Markets Subcommittee of the House Financial Services Committee hearing on "The Impact of Dodd-Frank and Basel III on Fixed Income Markets and Securitization". 

February 19, 2016 - On Wednesday, February 24, 2016,  the Capital Markets Subcommittee of the House Financial Services Committee is holding a hearing on "The Impact of Dodd-Frank and Basel III on Fixed Income Markets and Securitization". We are pleased to announce that Meredith Coffey, LSTA EVP of Research, will testify on behalf of the LSTA and the CLO and syndicated loan community.

On November 4, 2015, Federal Reserve Chairwoman Janet Yellen testified before the House Financial Services Committee and, when asked, agreed to look into whether the Federal Reserve would support the concept of a “Qualified CLO”. (A Qualified CLO is subject to tests in six categories and, assuming the CLO meets all the tests, the manager can purchase and retain 5% of the CLO equity, rather than 5% of the value of all the notes.

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