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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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The CLO market is ready for more supply and ripe for innovation, but that optimism is tempered by threats of a liquidity crunch in non-Volcker-compliant triple-A paper. The market is hoping for a deal on legacy CLOs to stop a trading freeze, but if that doesn't happen, it needs to wake up to two uncomfortable truths.
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The Reserve Bank of India is banning banks from helping companies convert their rupee obligations into offshore debt — a move that is expected to put immense pressure on Indian corporates already struggling to refinance loans. It will be hard going but the measures are a step forward in cleaning up the country’s lending system. -
Having been labelled ‘toppy’ in some quarters last week after a quick-fire 15 year sovereign sukuk, there is no sign of a retreat this week from Dubai or its neighbour Abu Dhabi. Investors have set aside nerves once again and scampered to fill their shopping carts with Majid Al Futtaim and Taqa 10 year bonds. Then again, there are plenty of reasons to brush off toppiness for now and say Dubai ain’t all bad.
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Investors blame the banks, banks blame the issuers, and everybody hopes the regulator will step in to save the day. But if companies are to stop hiring the entire street for Hong Kong IPOs, the incentives for bankers need to change.
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The CLO market is ready for more supply and ripe for innovation, but that optimism is tempered by threats of a liquidity crunch in non-Volcker-compliant triple-A paper. The market is hoping for a deal on legacy CLOs to stop a trading freeze, but if that doesn't happen, it needs to wake up to two uncomfortable truths.
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Housing associations have been actively funding using the private placement market this year. But as the issuers’ main investor base for their sterling notes dwindles the borrowers should look to diversify into euro private placements.
