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LSTA Newsletter: March 29, 2019

This week we cover Japanese Risk Retention; CLO Check In; Getting Your (Delayed) Comp & SONIA’s Conventional Thinking

LSTA Newsletter: May 18, 2018

This week we cover The End of Risk Retention, Lessons Learned form the Risk Retention Saga, FinCEN Market Advisory and Bankruptcy Roundup

CLO Risk Retention: The Window To Appeal Has Closed

At midnight last night, the last opportunity for the government to file a petition for certiorari to the United States Supreme Court in its risk retention litigation with the LSTA expired, with the agencies choosing not to pursue further action.  Thus ends a judicial process initiated by the LSTA on November 10, 2014, exactly three and a half years ago.  This constitutes an important victory for the CLO market and we are delighted that this long journey has ended successfully.

CLO Risk Retention Timeline: Soup (DF Act) to Nuts (Court Ruling)

As LSTA members likely know, on February 9, 2018, the US Court of Appeals for the DC Circuit ruled in favor of the LSTA, issuing a decision that risk retention does not apply to open-market CLO managers. The reality is this is (almost) the conclusion of an (almost) eight-year process.

CLO Risk Retention Ruling: Analysis From the Trenches

(article updated on February 15, 2018) –  On February 9, 2018, the United States Court of Appeals for the District of Columbia Circuit (the Circuit Court) ruled in favor of the LSTA in its lawsuit against the SEC and Federal Reserve Board. The ruling reversed a December 2016 decision by the DC District Court and held that the risk retention rules promulgated under section 941 of the Dodd-Frank Act cannot be applied to open market CLO managers.

2017 CLO Review, 2018 Preview: Necessity is the Mother of Invention

As of Thursday mid-day, the U.S. CLO market continued to await its first new deal of 2018. There is in fact a large pipeline of new CLOs, but they are competing against a number of resets trying to get done by the January payment date, LCD noted. Happily, this respite gives us time to reflect on 2017, recap the major trends, contemplate the evolution (or revolution) in the CLO market and consider what may be on tap for 2018 and beyond.

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