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Turbulent market conditions of the Middle East war have pushed bond issuers and investors to try new things
A swift response is tempting, but lenders should avoid kneejerk reaction
Talk of de-dollarisation has evaporated. The dollar market remains the undisputed king of financing
Inflation caused by war threatens budding recovery in commercial real estate
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Banks are under pressure to lend to Russian borrowers. But although bankers have grown accustomed to moving mountains for the Russian issuers, they should not fear the repercussions if this time they cannot.
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The US Federal Reserve told 11 banks last week that they had failed utterly to draft so called living wills — plans for how they would raise capital in a crisis and how they could be resolved in a hurry if they go under. It was right, they had failed. But the whole concept of living wills is shonky.
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With some Russian loan deals progressing despite US and EU sanctions, those borrowers who find support among banks should be make sure they reward that loyalty later. But nobody wants to sour relations, meaning that banks which choose not to lend must have an arm-length list of reasons why they can’t. So Russian borrowers should not take it personally – they are going to need all the friends they can get, so more carrot and less stick is the way to see deals through. -
Standard & Poor’s has tweaked its corporate loan recovery ratings, indirectly affecting CLO recovery value tests and prompting managers to consider returning to the agency after preferring Moody’s. What a coincidence.
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Banks are under pressure to lend to Russian borrowers. But though bankers have grown accustomed to moving mountains for the Russian issuers, they should not fear the repercussions if this time they cannot.
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Standard & Poor’s has tweaked its corporate loan recovery ratings, indirectly affecting CLO recovery value tests and prompting managers to consider returning to the agency after moving to Moody’s. What a coincidence…
