Transatlantic risk retention mismatch deepens
A recent accounting change in the US could allow third-party capital to take an even larger risk retention piece of new CLOs, just as European regulators look to clamp down on originator structures.
Lawyers are sanguine about regulators’ plans to close a loophole in Europe’s version of the rules that allows CLO managers to work with third-party investors in order to avoid having to purchase 50% of the equity in their own deals.Recent deals from managers such as GSO/Blackstone ...
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