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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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Bankers looking to sell exposure to peripheral European borrowers have long highlighted those companies’ international activity and revenue streams. Italy’s Snam presents a new challenge, since it is entirely domestic. The good news is that this doesn’t seem to matter.
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The Philippines is on a roll at the moment, and it would not be surprising if the government turned a keener eye to the development of a domestic bond market. But they will find that one of the biggest strengths in the country’s debt market is also one of its biggest hurdles to growth.
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Bankers looking to sell exposure to peripheral European borrowers have long highlighted those companies’ international activity and revenue streams. Italy’s Snam presents a new challenge, since it is entirely domestic. The good news is that this doesn’t seem to matter.
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The Philippines is on a roll at the moment, and it would not be surprising if the government turned a keener eye to the development of a domestic bond market. But they will find that one of the biggest strengths in the country’s debt market is also one of its biggest hurdles to growth.
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Taiwanese banks are under fire for their poor profit margins, with frenzied competition in the market their biggest problem. Banking consolidation might seem the obvious way out, but this doesn’t look likely. In any case, it would not cure all the sector’s ills.
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The suggestion by Jeroen Dijsselbloem, Dutch finance minister and head of the Eurogroup, that senior bail-in could become the norm in bank bail-outs has spooked the markets. The subsequent retraction was an attempt to reflect the politically acceptable view that the Cyprus situation is a one-off. But in fact he had articulated perfectly how bank bondholders should view their investments. Bail-in needs to be priced in before denial once again takes hold.