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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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It is understandable if investors dislike Argentina, but President Kirchner is right to refuse to pay vulture funds holding defaulted Argentine debt more than what the sovereign paid bondholders in earlier restructurings. The US courts have given Argentina until the end of March to explain its proposals to make partial payments: these payments would be the fairest solution.
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It’s time the idea of giving the UK public shares in Royal Bank of Scotland was strangled and buried.
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The Chinese State Council outlined a string of measures last week in yet another attempt to tame the country’s booming property sector. But the truth is, for high yield investors, Chinese property is still the only game in town — and few bond buyers can turn their back on double-digit yields.
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The European Banking Association wants a clear measure of liquidity but sticking purely to data will not provide this. When a bank needs funding in a tight spot, it all comes down to the bid.
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Ico’s deal this week showed just how quickly and impressively the sovereign, supranational and agency bond markets have recovered after Italy’s election result. However, the threat of a debt crisis in Europe’s periphery still looms large. SSA issuers must press on with funding while they can, as Italy’s elections will not be the only shock this year.
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The successful sale of Commerzbank’s SME-backed covered bond leaves the securitisation market looking precariously redundant, despite its claims that it holds the key to stimulating credit and growth in Europe.