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Articles by John Timperio
Dechert Files Comment Letter In Response To NAIC's Proposal For Multi-Collateral Structured Credit Investments
On October 2, 2026, Dechert submitted a comment letter to the NAIC's Statutory Accounting Principles (E) Working Group on Agenda Item 2026-10, proposing amendments to SSAP No. 26 (Bonds) that introduce a self-liquidation test and an embedded Asset-Liability Management (ALM) risk test under the Principles-Based Bond Definition. This has to do with the treatment of Multi-Collateral Structured Credit Investments—although it could potentially sweep up a lot more.
The 2026 Midterms and What Asset Managers Need to Know
At Dechert, we forecast a great many things. Election results are not one of them, and we take no position on which party should prevail. What we can forecast is what follows from either plausible outcome, and for CLO managers, CFO sponsors, structured credit ABL platforms, and insurers holding rated notes, that picture is more favorable, and more specific, than most election-season alerts are letting on, regardless of who wins which chamber.
LP-led CFOs: Their rise and key considerations
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LP-Led CFOs: Their Rise And Key Considerations
A collateralized fund obligation, or CFO, is a securitization vehicle that raises rated debt and unrated equity to finance a portfolio of fund interests and related assets, most commonly limited partnership (“LP”) interests in private equity, credit, secondaries, and other closed-end or evergreen funds.
LP-Led CFOs: Their Rise and Key Considerations
I. Introduction A collateralized fund obligation, or CFO, is a securitization vehicle that raises rated debt and unrated equity to finance a portfolio of fund interests and related assets, most commonly limited partnership (“LP”) interests in private equity, credit, secondaries, and other closed-end or evergreen funds.
Duration Is Not Destiny: The NAIC's Proposal For Multi-Collateral Structured Credit Investments
John Timperio’s articles from Dechert are most popular: within Finance and Banking topic(s) in United States with readers working within the Advertising & Public Relations, Banking & Credit and Securities & Investment industries At its Summer 2026 National Meeting on August 12, 2026, the NAIC's Statutory Accounting Principles (E) Working Group ("SAPWG") exposed a new agenda item, Ref #2026-10 (SSAP No. 26, Embedded ALM Risk) (the “ALM Proposal”), addressing a fast-growing category of insurer...
CLO Equity Fund Market 2026 Update: Clearing Skies
John Timperio’s articles from Dechert are most popular: within Finance and Banking topic(s) in United States with readers working within the Advertising & Public Relations, Banking & Credit and Securities & Investment industries The global CLO market entered 2026 on record momentum from 2025, which itself saw the second-highest annual broadly syndicated loan (“BSL”) CLO issuance total ever recorded.
CLO Equity Fund Market 2026 Update: Clearing Skies
Market Backdrop The global CLO market entered 2026 on record momentum from 2025, which itself saw the second-highest annual broadly syndicated loan (“BSL”) CLO issuance total ever recorded. U.S. CLO issuance (combining BSL and middle-market CLOs) came in at approximately US$103.3 billion across 236 deals in Q1 before rising to US$126.5 billion across 285 deals in Q2, putting the first half of the year at close to US$230 billion.
Private Credit’s Odyssey Home: How BDCs Turned Redemption Headlines Into A Bigger Financing Toolkit
Jay Alicandri’s articles from Dechert are most popular: with readers working within the Banking & Credit industries “The BDC borrower has come full circle: lenders and investors that pulled back are once again competing for a seat at the table, and the BDC of today has more financing tools available to it than at any point in the product's history.
Private Credit’s Odyssey Home: How BDCs Turned Redemption Headlines Into a Bigger Financing Toolkit
Subscription Lines, Asset-Based Leverage, the Turn to CLOs, and the Rest of the Toolkit I. Executive Summary “The BDC borrower has come full circle: lenders and investors that pulled back are once again competing for a seat at the table, and the BDC of today has more financing tools available to it than at any point in the product's history.
Preference Given: Preferred Equity's Growing Reach Across Structured Finance
Preferred equity is gaining in usage across rated fund finance and structured credit products. Sponsors of collateralized fund obligations (CFOs), collateralized loan obligations (CLOs), rated note funds, and other securitization-style vehicles are increasingly using a myriad of bespoke preferred structures to widen and incentivize a growing pool of third-party capital providers willing to sit below the rated debt.
A Pleasant Surprise: The U.S. CLO And ABL Markets’ Resilient Mid-2026 And What It Means For H2
John Timperio’s articles from Dechert are most popular: with readers working within the Retail & Leisure industries Dechert are most popular: within Insurance and Antitrust/Competition Law topic(s) 2026 opened with a run of bad luck for credit markets generally: new tariff announcements rattled sentiment, a wave of software-sector loan downgrades tied to AI disruption fears spooked investors, and the outbreak of conflict involving Iran sent energy prices higher just as everyone was trying to...
Rated Note Fund Market Update 2026: "Not Throwing Away Their Shot"
John Timperio’s articles from Dechert are most popular: with readers working within the Retail & Leisure industries Dechert are most popular: within Insurance and Antitrust/Competition Law topic(s) I. Executive Summary If the Collateralized Fund Obligation (“CFO”) market has been having its moment, the rated note fund (“RNF”), whether structured as a fund or a feeder fund, has been doing the same work with less fanfare but comparable velocity.
Rated Note Fund Market Update 2026: "Not Throwing Away Their Shot"
I. Executive Summary If the Collateralized Fund Obligation (“CFO”) market has been having its moment, the rated note fund (“RNF”), whether structured as a fund or a feeder fund, has been doing the same work with less fanfare but comparable velocity.
CFO Market Update 2026: The Room Where It Happens OnPoint Mon Jul 27 2026 Collateralized Fund Obligations (“CFOs”) are clearly having a moment. Or, to borrow from Hamilton: “It’s not a moment, it's a movement.”
John Timperio’s articles from Dechert are most popular: with readers working within the Retail & Leisure industries Dechert are most popular: within Insurance topic(s) Collateralized Fund Obligations (CFOs) are having a moment. Or, to borrow from Hamilton: “It’s not a moment, it's a movement.”1 CFOs first emerged in the early 2000s before the financial crisis brought the capital markets (including CFOs) to a standstill.
CFO Market Update 2026: The Room Where It Happens
I. Executive Summary Collateralized Fund Obligations (CFOs) are having a moment. Or, to borrow from Hamilton: “It’s not a moment, it's a movement.”1 CFOs first emerged in the early 2000s before the financial crisis brought the capital markets (including CFOs) to a standstill.
Street CRED: Highlights From SFVegas 2026
Dechert are most popular: within Real Estate and Construction and Strategy topic(s) with readers working within the Banking & Credit industries Dechert’s private credit and asset-backed finance (ABF) team returned to Las Vegas from February 23–26 for SFVegas 2026, the structured finance industry’s annual cannot-miss event.
Visionary Perspectives: The Future Of Private Credit
D Dechert More Dechert is a global law firm that advises asset managers, financial institutions and corporations on issues critical to managing their business and their capital – from high-stakes litigation to complex transactions and regulatory matters. We answer questions that seem unsolvable, develop deal structures that are new to the market and protect clients' rights in extreme situations.
The NAIC Goes Into Selective Override | JD Supra
The National Association of Insurance Commissioners (“NAIC”) recently concluded its summer meeting, which took place from August 12 to 16, 2023. The Valuation of Securities (E) Task Force (the “VOS Task Force”) and other committees continued to move forward on several items with possible implications for the securities markets.
Tour De Private Credit: BeSPOKE Private Loan Securitizations Gain Traction | JD Supra
July 17, 2023 Mary Bear, Christopher Duerden, John Timperio, Melissa Wollis Dechert LLP + Follow x Following x Following - Unfollow Contact To embed, copy and paste the code into your website or blog: Overview With the turbulent macroeconomic climate, we have seen increased growth over the past couple of years in alternative private credit financing structures.
Good News for Securitisation: EU Commission asks ESMA to consider expanding the use of the “No Data” option in Disclosure Templates | JD Supra
Updated: May 25, 2018: JD Supra is a legal publishing service that connects experts and their content with broader audiences of professionals, journalists and associations.
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