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Leveraged Lending and CLO White Paper

Broadly syndicated loans to non-investment grade U.S. Corporations are widely misunderstood outside of the loan industry. A number of commentators imply that leveraged loans are shadowy corporate equivalents to pre-crisis sub-prime mortgages. This is clearly not true and, to respond to such conflations, the LSTA recently published this white paper addressing these views.

LSTA Newsletter: September 13, 2019

This week, we start off pondering the August secondary slump (but console ourselves with the YTD 6.5% return).  We then turn to CLOs by: 1) analyzing their ownership and runnability and 2) defending them in the press. And what’s a week without LIBOR? We end with the latest (accounting) hurdle to LIBOR transition being knocked […]

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.

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