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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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As the US considers sanctions against Ukraine, the eastern European country’s hope of issuing $4bn next year in the Eurobond market are dissolving. Not only are investors baulking at the country's political situation, but Ukraine’s activities in the Eurobond market could be stunted for technical reasons too. -
The US economy is recovering — but weakly. And that’s with Ben Bernanke, Janet Yellen and their buddies working 24/7 at the money pumps. Where’s all the money going? Mostly into share price rises. Growth in GDP, employment and even corporate earnings is lagging. For the real economy to catch up, the harsh wage repression of the past decade will have to end.
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The United Kingdom is right to lean on Turkey for advice in placing its inaugural sukuk issue. Turkey’s experience in tapping the Islamic market was hard won and is valuable to new sovereign issuers. But the UK should prepare to pay the favour forward even if keeping its own counsel might allow it to command tighter pricing by keeping sovereign sukuk supply scarce.
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The US economy is recovering — but weakly. And that’s with Ben Bernanke, Janet Yellen and their buddies working 24/7 at the money pumps. Where’s all the money going? Mostly into share price rises. Growth in GDP, employment and even corporate earnings is lagging. For the real economy to catch up, the harsh wage repression of the past decade will have to end.
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The Ministry of Finance of the Islamic Republic of Pakistan has ended its 15 year break from the Asian syndicated loan market by launching a $100m fundraising. The sovereign’s re-entry into the capital markets is a clear sign that the Asian bank market has matured and is ready to take on challenging credits.
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The Indian economy is finally showing signs of revival more than six months after news from the US of a tapering of quantitative easing battered the country’s markets. India’s current account deficit has reduced a lot, although fiscal developments seem bleak at best. But the country has built up its defences — which will help in its battle against future economic challenges.
