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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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Sweden's finance minister, Anders Borg may want the country's banks to rely less upon the covered bond market and more upon growing their own deposit bases, but if Swedish banks were to abandon a market that has served them so well for so long, it could do more harm than good.
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According to Barclays analysts, EM bonds are going to have a bumper year for issuance next year. But that flies in the face of every warning that syndicate and origination officials are giving about the likely fragility of the EM primary bond market in 2014.
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Electricité de France was set to start the green bond craze among corporate issuers with an expected benchmark deal this week. Vasakronan got there first, with a deal yesterday, and was joined by Bank of America. The green bond market has unmistakably arrived. But it will only have real economic value — and therefore value for the environment — when deals start to price tighter than the issuer’s ordinary debt.
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Expectations were low for China’s third plenum to come up with any concrete and meaningful reforms to the country's economy. But the 200-plus members of the Communist party’s central committee have surprised everyone with the depth and breadth of their plans which have the potential to turn China into a free market economy.
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The high yield market has a new risk: long-dated bonds. Unitymedia's daring €475m 15 year deal opened a new frontier for the high yield market. Bankers say not every company could issue that long, but you can bet they will think about trying to repeat the deal. Investors, however, should be on their guard.
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With the recent European Central Bank rate cut driving yields down, yield hunting investors are willing to take on the more volatile world of emerging market currencies. Supranational and agency issuers should take advantage of the opportunity their high credit quality offers to get as much done in these markets as they can, while they can.