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September 05, 2019
David Quirolo comments on how U.K. CLO managers have been planning for Brexit for some time as they prepare to tap into robust loan supply and strong demand from investors.
An excerpt from “Europe’s Brexit-Ready CLO Managers Say It’s Business as Usual,” Bloomberg, September 5, 2019:
“U.K. CLO managers have been planning for Brexit for some time, and most managers have already switched to acting as originator retention holders,” said David Quirolo, partner at law firm Cadwalader, Wickersham and Taft. “There are still a few sponsor retention deals out there, but most if not all have cure language that allows the retention holder to switch the capacity by which it hold retention to an originator.”