CLO market weighs in on Libor fallback plan for securitizations [Reuters]
Ares Management Corporation Class A (ARES)
Last ares management corporation class a earnings: 2/13 06:00 am
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Source: Reuters
CLO market weighs in on Libor fallback plan for securitizations | Reuters 3 Min Read NEW YORK, Feb 20 (LPC) - Participants in the US$585bn US Collateralized Loan Obligation (CLO) market say a transition to a new benchmark should happen sooner than later as the phase-out of a rate used to set payments on trillions of investments is just two years away. Ares Management, Credit Suisse, PGIM and Golub Capital were among the more than 15 firms that responded to a request from the Alternative Reference Rates Committee (ARRC) to give feedback on so-called fallback contract language for securitizations including CLOs. A number of respondents said they would like the ability to transfer to an alternative rate sooner than the proposed 30 days before the discontinuation of Libor, referred to as the cessation date. “The ability to transition to an alternative base rate prior to a cessation date would be beneficial to the CLO market,” Golub wrote in its comment letter. In December, ARRC asked for
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ARES
Earnings
- 2/8/24 - Miss
ARES
Sec Filings
- 4/16/24 - Form 4
- 4/16/24 - Form 4
- 4/15/24 - Form 144
- ARES's page on the SEC website