Featured Articles

Why Credit Suisse is Playing it Safe on Risk Retention with CLOs

Rather than wait and see whether deals otherwise grandfathered can be refinanced after December 2016 without triggering compliance, it is issuing new deals with shorter non-callable periods.

Investors Want CLO Managers to Get Moving on Risk Retention

The concern: those who aren't issuing new deals after December 2016 risk losing their edge as managers.

Diverging Paths for Europe, U.S. Credit Outlook

The European Central Bank’s quantitative easing has brought about a “sharp reversal” in the outlook for corporate credit performance across the Atlantic – while credit managers are concerned that more defaults and wider spreads may be imminent in the U.S. and Canada.

How to Regulate Asset Managers? There's No Easy Answer

If the Financial Stability Oversight Council was hoping for any kind of consensus on whether and how it should regulate asset management companies, the feedback it has received on its request for comment is likely disappointing.

HY Market Pushes Back Against Energy Concerns

The high yield corporate bond market shrugged off concerns about the earning of energy companies and rising interest rates in the first quarter, as issuance picked up from the fourth quarter of 2014.

How CLO Managers Are Preparing for Risk Retention

It's one of the biggest regulatory hurdles the market has faced since the financial crisis, and promises to bring wholesale changes to the structures of transactions as well as to the business models of managers. Clifford Chance partner Steven Kolyer weighs in.

High Court Takes a Second Look At Second Liens

A case that has made its way to the U.S. Supreme Court has justices reconsidering whether second lien debt should be stripped when the collateral is underwater.

Heinz-Kraft Likely To Be Investment Grade

Moody's and S&P expect to assign investment-grade ratings to a proposed merger between Kraft and H.J. Heinz, despite an excess of more than $33 billion in legacy and new debt.

Banks Cutting Credit Lines to Energy Companies

Even as their bonds sell off in the secondary market, exploration and production companies are issuing new, more expensive term debt in order to pay down their revolving lines of credit, whether by choice, necessity, or both.

Fed Grants Volcker Fix to Foreign Banks for CLOs

The central bank's clarification means that foreign banks don't have to sell their holdings of CLOs that don't comply with the rule, but the impact is likely to be minor, as U.S. banks will continue to divest or amend terms of such deals.

Settlement Times Improving, But Miles to Go

Prolonged trade settlement times are a thorn in the side of the leveraged loan market, and the problem has only worsened over the past several years, but there are some recent signs of improvement.

European CLO Managers' Lament: No Market for Sterling Tranches

Many would love to do more multi-currency deals, which would make it easier, and cheaper, to source collateral. But there’s not much demand for sterling tranches.

Shorter Tender Offers a Win-Win for Junk Bond Issuers

For high yield bond issuers, there are no drawbacks to SEC's new allowance for abbreviated tender offers, Stuart Morrissy, partner with law firm Milbank, Tweed, Hadley & McCloy, says.

Samson Resources Running Out of Time

Moody’s Investors Service on Monday downgraded the ratings of KKR-owned Samson Resources Corp. for the second time in four months on fears the oil and gas exploration and production company may be on the path to defaulting on its rated debt obligations totaling $3.25 billion.

Which Debt Will Windstream Retire? CFO Hints at Bonds

"Obviously we are going to look for the best opportunity upon the market conditions to get the best financial outcome,” CFO Bob Gunderman told analysts during a conference call.

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Dan Spinner

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Firm: Eagle Point Credit Management

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