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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 dollar sukuk market has seen three issues so far this year, with three great results capped off by the Islamic Development Bank boldly entering new territory with an unprecedented $1.5bn last Thursday. But while each of these deals has stirred Islamic finance professionals to proclaim the growing profile and pools of capital for the asset class, the market is yet to see a true test of demand.
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Last week Hypo Real Estate Holding said it would sell the Dublin based Depfa plc by June. However market participants do not think that will happen, if the tight prices of the defunct bank’s covered bonds are anything to go by. But the market is wrong to think Germany won’t sell up.
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Emerging markets are only for experts, as events in Ukraine and Russia showed this week. Big returns and big deals do not change that: they just make the stakes higher. This week, Lenta proved yet again that no matter how compelling the story, or well-liked the deal, investors should bear in mind that any apparently huge reward is always matched by commensurate risk.
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The Bank of England’s Funding for Lending Scheme (FLS) has finally caught fire. War in the Near East and the Oscars have obscured this extraordinary fact, but the last quarter saw almost as much borrowing as the entire year previously. This suggests that the banks were right all along — they weren’t lending because nobody was borrowing.
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There appears to be no stopping the rise in three month TaiFX, the interbank US dollar funding rate in Taiwan. The widening divergence between TaiFX and Libor has increased the pressure on Taiwanese banks, forcing many to shrink their offshore lending. It is time for bookrunners consider the alternatives. -
Deviation from the norm always draws out the naysayers. So when Gemdale (Asia) Investment issued a tap just two days after it priced a Rmb750m ($122m) three year bond, critics wasted no time in decrying the tactic. But as the issuer was looking to get the funding it needed without upsetting secondary markets, such flexibility should be applauded.
