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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 risk weights for securitization have been halved, again, in the latest version of Solvency II. Naturally the market is pleased to be further out of the regulatory dog house, but the way risk weights (and therefore careers, businesses and economies) can be slashed at the stroke of a pen ought to give pause for thought.
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The European Banking Authority’s effort to improve transparency on balance sheet encumbrance has come to nothing. The draft guideline, which will be finalised by June, is practically useless because it doesn’t include emergency central bank liquidity, which is the largest and most important source of encumbrance. But that’s probably just as well, for if this disclosure became public knowledge, it would create just the sort of negative feedback loop that brought down the UK’s Northern Rock.
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Indian credits have made a solid return to the bond market after month long absence. IDBI Bank broke the silence last Wednesday with a well subscribed deal, while Export-Import Bank of India's issue, which priced on Monday, was also met with a strong book. A good window seems to have opened for Indian credits, but with a general election looming, they need to move fast if they want to take advantage. -
The strong start to leveraged buyout financings in Asia this year, driven by China, is raising hopes among bankers that the momentum is set to continue, with market conditions considered ideal for companies going private or making acquisitions. But with the Asian LBO market still in its early stages, dealers wanting to bring home the bacon need to follow three steps.
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The international response to Crimea has been decided. All that remains is a few brief months of playfighting, with weak politics and even weaker sanctions.
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For the last few months, China Development Bank has been planning an offshore renminbi deal in the ASEAN region. Last week it pushed the button, and found demand where it wanted it. But while using allocations to target a location is all very well, the real breakthrough will be the development of a vibrant secondary market.
