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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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Société Générale is planning to test out the temporary write-down loss absorption mechanism in a new CRD IV additional tier one bond for the first time. The industry lobbied intensely for the mechanism but some investors now say it shouldn’t merit tighter pricing. What then, is the point of issuance?
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The Securities and Exchange Commission’s investigation into JP Morgan’s hiring in Hong Kong is rubbing market participants the wrong way — and for good reason.
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Following DBS’s failed acquisition of Bank Danamon, there is talk of foreign investment into the country’s banking system drying up. While foreign ownership restrictions are common in the region, Indonesia should be careful not to go overboard and scare investors away for good.
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A wave of leveraged loans featuring euros has brought much needed new money into the European leveraged loan market. This is a welcome change for a sector that has suffered badly. But borrowers must not be tempted to forget that Europe still lacks the capacity of the US.
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Senior lenders on emerging market loans are trying to dissuade junior lenders from joining deals to show borrowers that there’s only so much margin-tightening that the market will accept. The tactic is disingenuous. The top banks need to show more courage.
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The Debussy CMBS from Toys R Us showed that bank arrangers are not irreplaceable. Investors are taking a more hands-on role in structuring. This should be welcomed if it gives them the confidence to buy riskier deals.