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Collateralized Fund Obligations (CFOs): The Technicolor Dreamcoat of Fund Finance

USA - September 14 2022 Over the past several years as Collateralized Loan Obligations ("CLOs") reached new and dizzying heights in issuance volume, CFOs have been quietly…

Eric Zeng, David E. Miller, Elliott M. Kieffer, Mary Bear, Jonathan Burke, Christopher P. Duerden, Lindsay Trapp

BEA’s BE-180 Benchmark Survey of Financial Services Providers: Implications for U.S. CLO Managers

USA - October 13 2020 In September and October 2020, the U.S. Department of Commerce’s Bureau of Economic Analysis (BEA) is administering its next mandatory Benchmark…

Matthew E. Barsamian, Julien Bourgeois, Christopher Desmond, Christopher P. Duerden, Albert Jung

The TALF CLO Trilogy Concludes: Too Little, Too Late

USA - June 17 2020 The Fed throws a bone to the CLO market by reducing the non-call period from three years to one year, but this small victory will likely have little…

Mary Bear, Christopher Desmond, Christopher P. Duerden

Some Good News for the Loan Industry—Loans Are Not Securities

USA - June 1 2020 Although the loan industry has long looked at loans as being obligations that arise in a commercial lending relationship, which are therefore not…

Elliott R. Curzon, Christopher Desmond, David A. Kotler, Michael L. Sherman, Cynthia J. Williams

TALF CLO Update: The Fed Puts More Devil in its Details

USA - May 28 2020 The Fed releases more specifics and a start date for its Term Asset Backed Loan Facility (TALF) program, but overall the picture which emerges makes…

Mary Bear, Christopher Desmond, Christopher P. Duerden