JPM and Wells rush to regional banks’ aid with standardised Volcker language
US Regional banks under pressure to make their CLO holdings comply with the Volcker Rule by waiving their right to remove the CLO manager may have been saved in the nick of time. A group of large bank investors in CLOs is understood to be preparing a set of standardised supplementary indentures to make legacy deals Volcker-compliant.
GlobalCapital first reported that banks were working on standardised Volcker-compliance language three weeks ago.But just last week, one bank investor told GlobalCapital that the pressure for him and his peers to make their holdings compliant was becoming so intense that several regional banks were considering “throwing in ...
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