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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 dim sum market has had a great start to the year, with record volumes in January. But strong primary issuance masks a systemic problem — a lack of liquidity. A more regular auction programme of Chinese government issuance is unlikely soon, which means few others are likely to be tempted into big issuance. In the absence of volume, diversification should be the priority if the market is to develop. -
Sukuk’s advantageous pricing for borrowers over conventional bonds in recent years has evaporated in the Gulf – leaving only disadvantageous structuring costs in the Islamic market – but it does not follow that sukuk volumes are going to disappear too. Far from changing tack to bonds, for those who can issue both the rationale to favour sukuk is stronger than ever.
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If the chaos in emerging markets forces upcoming Russian issuers to postpone their deals, there will be a host of specialists ready to sing the market’s censures. But allowing issuers to test the water would give the market flexibility and avoid a shutdown in activity.
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ECM business boomed in southeast Asia during the last two years, giving banks some respite from the shutdown of China’s IPO pipeline. But as political tensions mount and countries in the region face uncertain elections, it time for desks to refocus on north Asia.
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The desire of the country's regulator to protect retail investors could cause it to see more initial public offerings curtailed or abandoned.
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ECM business boomed in southeast Asia during the last two years, giving banks some respite from the shutdown of China’s IPO pipeline. But as political tensions mount and countries in the region face uncertain elections, it time for desks to refocus on north Asia.
