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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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Europe has hit yet another stumbling block on the path to banking union, just as central banks are being urged to look for an exit from QE. Without a solid financial system, including a resolution framework which gives the public confidence that bank failures can be handled, growth will continue to be constrained.
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Polkomtel startled the loan market by using Trigon Brokerage, a non-lending adviser, to coordinate its recent loan refinancing. Banks may not like it, but they cannot dismiss it. Trigon’s coup could be the first of many.
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With the dollar bond market continuing to be hostile to Asian issuers, bankers are mulling other currency options for those that need to raise finance. It’s hard to know where to look.
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The spike in Italian yields since the US Federal Reserve started planning for the end of quantitative easing is certainly cause for concern. A Mediobanca report has suggested the country will need a bail-out within six months and other commentators have joined the chorus. But such talk is premature and fails to look at the context of the crisis.
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The sharp sell-off and big outflows from funds in Europe and the US have stripped the shine off the high yield bond market. But after a first half that featured record low pricing, net fund inflows and a wealth of looser structures, the pull-back should be seen as a useful return of discipline.
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Political protests in Turkey should hold no fear for supporters of Islamic finance in the country. The hard work has been done and the product looks set for a big future.