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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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The Italian general election has given investors an expensive lesson. Opinion polls, exit data and other arcane measures are no longer enough to guess which way the political wind is blowing.
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Fiasco, the Italian word used in several European languages to describe a chaotic failure, seems an apt description for the Italian elections. Uncertainty in Italy is one thing, but in this crisis, it’s the contagion that counts.
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India’s government plans to open up its banking system, granting licences to a swathe of privately-owned banks in an attempt to boost lending in rural areas. This is a good plan, but it would be even better if regulators kick-started a domestic securitisation market at the same time.
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European leveraged loan investors are revolting — resisting margin reduction requests for Iceland and Global Blue and winning concessions. But rather than suggesting that this is symptomatic of a failing product, the amendments won by the buyside actually illustrate the health of the leveraged loan market. And just in time, as the forthcoming Heinz deal means that the sector is facing its greatest challenge in years.
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Demand among Asian private bank investors for subordinated debt from both European FIG issuers and domestic names has been under pressure. As Aberdeen Asset Management meets those investors in advance of a potential Reg S perpetual transaction, it must get its message right and think carefully about execution.
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Indonesian borrowers are expected to come out in full force this year, rushing to the loan market amid jitters over next year’s presidential election. They are right to do so — and the election is far from the only reason.