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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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The Islamic Republic of Pakistan, rated B- / CAA1, will consider it a great result if it can re-establish a five- and 10-year international bond curve this week – following a seven year hiatus – by pricing close to higher-rated Zambia. But for a country with Islamic in its name, with a growing Islamic banking industry and with Islamic finance globally gathering momentum, it would be an oversight if it does not also re-establish a sukuk curve, and soon. -
The European resolution mechanism should be agreed next week. But the nature of resolution means that any agreement less than 100% sound is not fit for purpose. Fault-lines in resolution planning are like holes in a bucket — if they exist at all, the bucket won’t work.
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India's cash-strapped state-owned banks breathed a sigh of relief last month when the country's central bank pushed back its rollout of Basel III by a year. But the move fails to reward the better functioning private sector banks and takes India a step further away from a more efficient financial system.
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The UK government now owns a 24.9% stake in Lloyds and a 30% stake in Royal Mail. But although the National Audit Office has recommended that lessons are learnt from the Lloyds share sell-downs, the performance of the two stocks over the past few months means that wildly different approaches are needed.
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The European Commission’s report on a eurozone debt redemption fund and eurobills throws up as many difficulties as it does potential benefits. But as politicians have relied on the inventiveness of the European Central Bank, rather than their own efforts, to calm the storm of the eurozone sovereign debt crisis, it is about time they took the steps needed to permanently cure the currency bloc’s ills.
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With a record breaking 28 banks working on its $6bn IPO, WH Group is being seen as just another Chinese issuer equating size with success. While the number of lenders on the transaction has been met with cynicism, the pork processor is actually being very strategic in its approach.
