Seth Eaton Discusses Modifications and Workouts of Commercial Real Estate Loans during the COVID-19 Pandemic
Two recent SEC enforcement actions illustrate how participating in ad hoc creditor groups can expose lenders to material nonpublic information (MNPI), thereby creating risks in trading. Loan market participants should avoid...more
The National Association of Insurance Commissioners (NAIC) held its 2025 Summer National Meeting from August 10 – 14 in Minneapolis, Minnesota, where “Minnesota Nice” was on full display, even by the protestors who...more
The final report by the Financial Stability Board (FSB) on its evaluation of the effects of the G20 Financial Regulatory Reforms on Securitization was published on January 22, 2025. The report focuses on the International...more
Collateralized loan obligations (CLOs) are securitization vehicles that have traditionally been backed by pools of “bank loans”—senior-secured corporate loans with floating rate coupons. CLOs generally comprise a diverse pool...more
If you are confused about the current state of play of insurance companies investing in CLOs, rated feeder structures and other NAV based loans, we are here to help. Let’s start with the basics: the National Association of...more
Pension risk transfers (“PRTs”) continue to make the news. And well they should. Last year alone, over $100 billion in liabilities were transferred from defined benefit pension plans to insurance companies. And the trend...more
As we begin to reflate the CRE CLO business this year with shrinking spreads and hopefully shrinking SOFR, we need to think of this as CRE CLO 3.0. This business, this technology, which is truly a brilliant way to deliver...more
Collateralized loan obligations (CLOs)—investment structures that buy up leveraged loans and debt securities, package them into tranches with varying levels of risk and return, and sell them to investors—had minimal direct...more
Financial stimulus and sustained investor appetite for yield have seen US CLO issuance scale record heights - The US collateralized loan obligation (CLO) market enjoyed a banner year in 2021 as a combination of Federal...more
Europe's CLO market and environmental, social and corporate governance (ESG) objectives are converging at pace, providing unique opportunities for CLOs to access the vast and rapidly expanding pools of capital earmarked for...more
On 22 October 2020, the European Commission (the Commission) published a public consultation (the Consultation) on the review of Directive 2011/61/EU on Alternative Investment Fund Managers (AIFMD). ...more
I. Introduction - Financial experts are forecasting significant increases in borrower defaults on leveraged loans held in collateral loan obligations (“CLOs”). From the ashes of these defaults will arise litigation similar...more
The US Treasury Department and the Federal Reserve Bank of New York (the New York Fed) have announced the complete terms of a new Term Asset-Backed Securities Loan Facility (TALF) program, which is intended to address the...more
U.S. Financial Industry Developments - CFTC Reduces Risk for Customer Funds Held by Derivatives Clearing Organizations by Expanding Investment Options - On July 19, 2018, the Commodity Futures Trading Commission (the...more
Below is a summary of recent investment management developments that affect registered investment companies, private equity funds, hedge funds, investment advisers, and others in the investment management industry. Schwab...more