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The LSTA Replies….On Risk Retention

Last week, the LSTA filed its Reply Brief in its lawsuit against the Federal Reserve Board and the Securities and Exchange Commission on the issue of the application to CLO managers of the Dodd-Frank risk retention rules.  The Reply Brief is available here.  As we noted in April, the SEC, Fed, FDIC and OCC, in October 2014 finalized risk retention rules under Section 941 of Dodd-Frank that imposed on CLO managers the requirement to purchase and retain 5% of the fair value of any CLO they initiate.

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Draft of the ESG Diligence Questionnaire

We all saw the increase in media coverage last year of the implications of ESG (Environmental, Social and Governance) factors in the financial markets and that trend seems to only be accelerating. About a year ago we started hearing directly from our buyside members that the number of ESG questions they were receiving from end […]

SOFR: Addressing Basis Biases

As highlighted in Nomura’s Special Topics on January 24th, basis risk has been on CLO managers’ (and equity holders’) minds. While the focus generally has been on one-month/three-month LIBOR basis, basis questions also have emerged in the SOFR space.

LSTA Newsletter: January 24, 2020

This week we recap secondary trading for 2019, give an update on LIBOR transition in the U.K., and let you know that we’ve published a credit agreement for investment grade term loans.