Top Section/Ad
Top Section/Ad
Most recent
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
More articles/Ad
More articles/Ad
More articles
-
How complex is too complex? The market was left wondering just that after last week’s additional tier one trade from BBVA, which ticked every regulatory box imaginable. It might have suited the bank, but it may also have made it tougher for others.
-
This year has been a banner year for European high yield issuance. With some €40bn of bonds sold by early May, expectations are high of reaching a new annual record. Last year’s €60bn could soon be dwarfed — unless…
-
Two recent chunky loans have left bankers stunned by what they consider ludicrously low margins. But with no sign of an end to falling prices, they have more reason than ever to be worried.
-
Ultra-low interest rates and hungry investors chasing juicy yields have brewed up a very attractive set of conditions for riskier Asian borrowers in the international bond markets. This was the moment, some debt bankers believed, to introduce high yield borrowers from India. But a couple of postponed deals show that when it comes to a new market like this, investors are going to be very choosy about what they buy — and that is a good thing for the market’s long term prospects.
-
The Bank of England’s Trends in Lending report has revealed that bank funding for large UK corporate borrowers is now more attractive than it has been for years. But canny corporate treasurers are way ahead of the curve, and have already shifted their financing strategies to take advantage of the latest glut of lending.
-
It’s great that the first trio of post-crisis CLO deals has finally emerged, but the scale of new issuance will be dwarfed by the wall of liquidity that leaves the market. This withdrawal of credit will increase the risk of corporate insolvencies, with bad consequences for the real economy.