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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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Until US Federal Reserve chairman Ben Bernanke brought an end to the party, Asia’s dollar bond market was overdosing on high liquidity, low yields and — some would say — a disregard for credit fundamentals. The current pause offers a chance for sober reflection.
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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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The Republic of Latvia has become the latest issuer to enter the warm embrace of a medium term note programme. With central and eastern European credits offering an enticing prospect for private placement investors, other countries from the region should follow suit.
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The European leveraged loan market is proving its resilience. While investors flee the high yield bond market, new liquidity in the leveraged loan market continues to grow as European CLO issuance rumbles on. The steadfastness of these leveraged loan investors is a clear testament to the market’s true strength.
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Traditionalists among the ECM set won’t be impressed, but plans for a £33bn distribution of Lloyds Banking Group and Royal Bank of Scotland shares to the general public are moving closer to fruition. Those whose eyes glaze at the mention of the “idea that just won’t die” would do well to look again: it is ECM structuring at its best.
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Sole bookrunner Goldman Sachs placed a €520m block in Legrand on Monday, allowing Wendel to exit the stock but the shares were hit by a difficult day for European markets.