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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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Several sovereign, supranational and agencies looking to diversify their investor base have ramped up their private placement issuance this year. But the smartest borrowers have looked past medium term note programmes and are investigating the Schuldschein and Namensschuldverschreibung formats — two markets that have moved beyond their German origins and are attracting more international investors and issuers.
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The overwhelming demand for recent IPOs in the US might suggest investors are back on board the Chinese growth story. But in spite of the success of companies like 58.com and Qunar, the US IPO market remains a strictly members-only club. Not everyone is invited.
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Taiwanese lenders reliant on high margin loans to Chinese borrowers are having to rein in their plans, blaming a cap on how much exposure they can have to the country’s credits. But with Chinese borrowers providing an increasing chunk of the business in the loan market, it’s time for the Taiwanese regulator to ease its rules and allow the island's banks to do more business in China.
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As any politician knows, statistics are a very useful tool for making any point you like. This must have now become apparent too to ABS and covered bond bankers who are scrutinising the European Banking Authority’s analysis of liquidity in their two markets — analysis that may have raised more questions than it answers.
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Taiwanese lenders reliant on high margin loans to Chinese borrowers are having to rein in their plans, blaming a cap on how much exposure they can have to the country’s credits. But with Chinese borrowers providing an increasing chunk of the business in the loan market, it’s time for the Taiwanese regulator to ease its rules and allow the island's banks to do more business in China.
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Relationship lending is a simple concept. If I lend to you at a price that is akin to cutting my own throat, you’ll remember me fondly later down the line when you have some more lucrative business to do. But now borrowers are twisting the knife, by squeezing the revenue they pay banks for ancillary business too. It’s time for lenders, and borrowers, to adjust their expectations.