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Issuance has kept going by giving investors just what they want
John Healey resigned because the money was not there for defence. It may not be there for anything
Bifurcation is emerging in how investors treat the hyperscalers
Investors should feel more confident when BNPL products are regulated like mainstream consumer credit
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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… -
On the surface, 2014 looked to have the makings of a vintage year for Asia’s equity-linked market. But judged against bankers’ predictions, it seems to be heading for another disappointment. For a year that promised so much, activity has been lumpy and there’s been plenty to derail the market along the way.
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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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Given that covered bonds have been carved out of bank resolution, should they still be considered a part of bank credit? Investors should think about redrawing their credit lines to distinguish between state-supported and bail-in debt.
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Russia is now subject to its toughest economic sanctions since the end of the Cold War. With the US and Europe effectively closed to them, Russian borrowers are searching for other options. Asia is top of their list, but they are unlikely to find the support they want.
