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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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“Next year will be better than the last” has been the securitization mantra since the 2008 financial crisis. While the refrain may have grown weary as few signs of a market revival have emerged in Europe, they have reason to hold out hope for 2014 when regulatory reprieve could begin in earnest.
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Italian prime minister Enrico Letta faces a confidence vote on Wednesday. But its is how a former Italian prime minister comes out of the affair that could have the biggest impact on markets. This is Italy's big chance to put the one-man wrecking ball that is Silvio Berlusconi in the past.
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With competition to win EMEA loans mandates heating up, lenders are making ever more aggressive pitches. But a surprising section of the market has stepped up to save the banks from themselves.
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As inevitably as a journalist bumping up against a deadline, the US Congress has run out of time to fund the government. In two weeks the US will default, unless some of the most pig-headed people in the Western world change their minds. But is there panic in the markets? No it’s business as usual. After all, what else can investors do?
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Hong Kong’s equity market was sent into a frenzy last week after it was confirmed that IPO talks between Alibaba Group and the city’s exchange had broken down, sparking a war of words in the press by senior management from the two sides. While it may seem ludicrous for the Hong Kong Stock Exchange to let such a huge IPO slip through its fingers, it was the correct decision.
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The conditional pass through structure for covered bonds being marketed by NIBC is far from the sort of sweeping revolutionary change that some are suggesting. Rather it would resolve a number of problems that exist in the present covered bond structure and there is proof that other techniques that have similar effects have been easily digested by bondholders before.