This session helped participants become better equipped to read a BDC filing—showing where to locate key data points across footnotes, schedules, and disclosures.
The NAIC’s Risk-Based Capital Investment and Risk Evaluation Working Group (RBC IRE WG) held a call on Monday to provide a progress report on the American Academy of Actuaries (Academy)’s model for CLO C-1 factors (i.e., the weight NAIC gives to each of its risk rating categories) for Risk-Based Capital (RBC) charges. While the model...
This session provided a foundational understanding of the asset class, covering key market participants, securitization mechanics, the CLO lifecycle and typical CLO structures and protections. Panelists included: Andrew Berlin, Vice President, Director of Policy Research, LSTA; Anusha Joly, Managing Director, Head of CLO Originations and SPG Syndicate, SMBC; Paul St. Lawrence, Partner, Morgan, Lewis &...
This session provided a foundational understanding of the asset class, covering key market participants, securitization mechanics, the CLO lifecycle and typical CLO structures and protections. Panelists included: Andrew Berlin, Vice President, Director of Policy Research, LSTA; Anusha Joly, Managing Director, Head of CLO Originations and SPG Syndicate, SMBC; Paul St. Lawrence, Partner, Morgan, Lewis &...
The NAIC’s recently formed Risk-Based Capital (RBC) Model Governance Task Force is requesting comments on its proposed preliminary RBC principles and questions by July 24th.
Regulation impacts the corporate loan market in many ways. Education, advocacy and even litigation are tools the LSTA uses to engage with regulators and legislators on the development of well-tailored, data-driven policies and push back where needed. This session dove into the many layers of this dynamic. Panelists included: from LSTA, Inc. Andrew Berlin, Vice...
Regulation impacts the corporate loan market in many ways. Education, advocacy and even litigation are tools the LSTA uses to engage with regulators and legislators on the development of well-tailored, data-driven policies and push back where needed. This session dove into the many layers of this dynamic. Panelists included: from LSTA, Inc. Andrew Berlin, Vice...
Following on two consultation reports published last November, the International Association of Securities Commissions (IOSCO) recently published its Final Report on revisions to its 2018 Recommendations for Liquidity Risk Management (LRM) for Collective Investment Schemes (CIS) (“Revised Recommendations”).
The BDC Quarterly Wrap highlights select data points to provide a readout on BDC growth, structure, financing and asset quality. For context, the data includes BDCs that reported financials by May 21st, or 166 of the 167 funds in the BDC universe. Market. In 1Q25, Business Development Companies’ (BDCs) assets under management (AUM) jumped 38%...
Analysis & Data, LSTA publications on the private corporate credit market
The Fed’s April 2025 Financial Stability Report (FSR) is light on references to leveraged lending, but what it does say about the asset class is benign. This is notable given that the report reflects market conditions and data as of April 11th, over a week into the market’s Liberation Day-induced volatility. We provide some takeaways...
The BDC Quarterly Wrap highlights select data points to provide a readout on BDC growth, structure, financing and asset quality. For context, growth data includes the entire BDC universe, which consists of 161 funds; all other data captures BDCs reporting financials by March 20th, representing a universe of 128 funds (representing 96% of assets). Market....
Analysis & Data, LSTA publications on the private corporate credit market
