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With equity returns under strain, managers would do well to slow the pace of CLO issuance
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
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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.
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The ECB is ready to look at quantitative easing. No time like five years too late, the Anglo-Saxon world might justifiably comment. But actually, for much of the eurozone, it’s still much too early. The ECB, tasked from this year with oversight of Europe’s banks, surely knows this, but that hasn’t stopped it using QE talk to frighten the markets into keeping long-end rates low.
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Banking funding rules should have diversity and stability in mind, and steer clear of favouring one funding format over another. But a Basel consultation document on the Net Stable Funding Ratio published this month promotes the exact opposite, and will make bank funding less stable.
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Italy took a radical approach to its latest BTP Italia in order to stop the bond reaching the epic size of its predecessors, but it failed to work. With a redemption profile that is starting to resemble the Dolomites, the sovereign needs to sharpen its funding tools further.
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Banking funding rules should have diversity and stability in mind, and steer clear of favouring one funding format over another. But a Basel consultation document on the Net Stable Funding Ratio published this month, promotes the exact opposite, and will make bank funding less stable.
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Italy took a radical approach to its latest BTP Italia in order to stop the bond reaching the epic size of its predecessors, but it didn’t work. With a redemption profile that is starting to resemble the Dolomites, the sovereign needs to sharpen its funding tools further.