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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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Hong Kong’s loan market has hit the limelight in the past week, thanks to a spate of property developers seeking club loans to meet their financing needs. Their timing is certainly ideal, as low loan pricings continue to appeal. But as funding costs for banks rise, borrowers should prepare themselves — not only to pay juicier margins, but to also look for a wider investor base.
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With the Loan Market Association’s annual conference approaching on Thursday, bankers are taking an opportunity to review the last 12 months in the loans market. Although some optimistic predictions from last year’s conference have not been fulfilled, the loan market has developed to become a stronger and more relevant funding tool.
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Emerging market loan volumes staged a record comeback in the first quarter of 2013. But in their drive to jump-start the market, banks have let borrowers get away with too much.
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Turkey has weathered a brutal few months of summer turmoil but is now being rewarded with falling funding costs and a better backdrop. It should be taking advantage of the shift to finish off this year's borrowing needs and allow the country’s other credits to follow suit.
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Credit Suisse is no longer giving out book sizes on its emerging market bond deals, either before or after they are priced. It is a compliance move that might be applauded in a non-competitive world. In banking, however, it means the firm is risking other desks poaching its investors and clients.
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Interest in the socially responsible investment (SRI) market has boomed this year. Issuers are rushing to claim their warm fuzzy credentials and investors are on the hunt for deals that can do some good. But the market is a complicated one and has its detractors. It must be allowed time to grow.