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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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A new private debt fund hopes to entice institutional investors into the emerging market loans product, but banks must be at the forefront of teaching these newcomers the ropes.
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That whoosh of air that’s been whipping around European financial centres is not an wintery gust of wind, but rather the sigh of relief from the leveraged finance market at the return of the European CLO market.
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Just 2% of a big Asian IPO has been allocated with institutional accounts. The vast bulk of the deal went to cornerstone investors, which are quickly becoming the dominant force in listings. As a result, the IPO process is in danger of being undermined.
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Nordea’s five year deal this week has revealed a change in buy-side attitudes. A book of €3bn showed that many more investors than previously thought are willing to snap up deals from the highest quality names, despite the paltry yields on offer.
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The UK remains divided between lovers and haters of Margaret Thatcher, its transformative 1980s prime minister. How should financial specialists feel? Many revere her — and the lightly regulated, debt-fuelled markets that her government made possible are still in place. But it may still to be too early to tell whether they will prove to have been good for Europe’s health.
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By seven votes to six, Portugal’s constitutional court has blown the country’s bail-out plan out of the water. Its verdict that the public sector must not be treated more harshly than the private when it comes to cuts puts a hole in the 2013 budget and makes it harder for Troika-imposed targets to be met. It might be unpalatable, but more flexibility is needed unless the eurozone wants another political vacuum on its hands.