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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 focus on Ukraine has moved from the macroeconomic to military sphere. But it is worth remembering that even if full scale conflict with Russia is averted, Ukraine’s economy is in an appalling state, and the bond market helped it end up there. -
Russian Railways’ lead managers last week claimed waiting a month for a favourable fall in rates before executing resulted in the lowest yield the company could have achieved on its €500m nine year bond. But that contradicts what bankers have often recommended as prudent bond market behaviour. Others should be cautious of following its example.
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When General Electric issued a debut $500m sukuk five years ago it did not receive a great deal of acclaim. But with the company considering another potential Islamic deal later this year, neither it — nor other rumoured western first time borrowers such as Total — should fear for a bad result this time round.
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Choosing your friends has never been tougher for issuers looking to tap Hong Kong’s IPO market. But it is time for firms to smarten up and master the subtle art of relationship management if they are going to use a “friends and family” IPO to the fullest.
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The deadly clashes between protesters and police in Kiev have made a country already off-limits to many lenders the risk/reward equivalent of tossing cash into a black hole. The impact this will have on Ukraine’s corporates has the potential to be devastating.
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Solocal’s refinancing deal announced last week may be complicated, pressured and messy, but for many issuers across the capital markets whose business models — and not just their balance sheets — are under increasing pressure, it may be a sign of things to come.
