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January 13, 2025
Cadwalader finished 2024 as the number one law firm on the arranger side for European collateralized loan obligation (CLO), according to 9Fin's Q4 legal league table report, published today.
Partners Alex Collins and David Quirolo also spoke with 9Fin about the current state of the European CLO market.
Alex and David shared their thoughts on the stabilization of both CLO documentation terms and the regulatory environment.
“I don't think we're expecting big changes, bar any kind of new liability management exercise that takes people by surprise and that wouldn’t be covered by the existing flexibilities built in over the last few years,” said Alex. “The terms on CLOs have reached a point at the moment where there's flexibility to cater for unexpected situations, uptier priming and the ability to deal with incoming assets that you maybe weren't expecting on loss-mitigation obligations.”
David added that if there are any regulatory developments, they would likely favor CLOs.
“At least in the EU we are hopeful that some regulation such as the EU Securitisation Regulation may be moving in a more helpful direction,” said Quirolo.
Read the article here (subscription required).
