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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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European officials have hit upon a new idea for curing the eurozone’s economic ills: loans as rewards for countries hitting certain targets in economic reforms. But with the introduction of a permanent bailout borrower in the form of the European Stability Mechanism, and an active central bank, the eurozone doesn’t need yet another form of financial assistance.
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The post-crisis era, in which ABS investors have been highly rewarded for taking minimal risks, is coming to an end. Spreads in peripheral and non-core bonds have raced in, more accurately reflecting the underlying risks involved. It’s time for regulators to follow suit and ensure new rules do the same thing.
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The Scottish government’s plan to keep sterling as its currency if the country votes for independence shows a shocking naivety about how the potential new sovereign will be able to access the capital markets.
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China’s Sinopec has given the Asia loans market a breath of fresh air by taking its $2.5bn deal into general, after recent months saw a spate of blue-chip names opt for large clubs. The syndicated market is far from dead — but if Asian banks want to stay in the game, the region’s loans need more syndication.
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China’s Sinopec has given the Asia loans market a breath of fresh air by taking its $2.5bn deal into general, after recent months saw a spate of blue-chip names opt for large clubs. The syndicated market is far from dead — but if Asian banks want to stay in the game, the region’s loans need more syndication.
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With the launch this week of three private sector green bonds, by Bank of America, Electricité de France and Vasakronan, the market has unmistakably arrived. But it will only have real economic value — and therefore value for the environment — when green bonds start to be priced tighter than the issuer’s ordinary debt.