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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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Debt capital market bankers and portfolio managers in New York covering LatAm struggle to find a bad word to say about Mexico it seems. That is a dangerous thing. The country is riddled with risks and has yet to show concrete signs of the growth on which investors are betting. Moreover, recent history shows that a healthy dose of scepticism should accompany any widespread hype in emerging markets.
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Astra Sedaya Finance has injected some excitement into what has so far been a lukewarm period for the Asian loan market by dividing up syndication for its $330m fundraising by geography. The fresh approach bodes well for its success and will also give the market a much needed shake-up.
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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.
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The Indian government has cut its annual divestment target by half, a month before the fiscal year-end. Instead of wimping out, it would have done much better to stick to the original goal.
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Astra Sedaya Finance has injected some excitement into what has so far been a lukewarm period for the Asian loan market by dividing up syndication for its $330m fundraising by geography. The fresh approach bodes well for its success and will also give the market a much needed shake-up.
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There were several triumphant feats last week in the EM primary bond markets as Turkey and Slovenia defied the doom mongers to print good sized deals. In their wake, there was an inevitable debate about the premiums each issuer paid. But in markets this tough, market access is should worry participants more than the odd basis point saved here or there.