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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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Turkish bank borrowers are again causing controversy in the loan market. But despite some lenders’ vociferous protests, Turkish banks’ march to sub-100bp pricing seems unstoppable.
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Turkish bank borrowers are again causing controversy in the loan market. But despite some lenders’ vociferous protests, Turkish banks’ march to sub-100bp pricing seems unstoppable.
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Korea Housing Finance Corp has come under fire for pressing ahead with a covered bond before the country’s new domestic framework is in place. But fears that it will damage investor appetite for other Korean deals are overblown.
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Letting central banks run monetary policy seemed a great idea in the 1990s. But it manifestly failed to end boom and bust. Now everyone shouts at central banks to solve the economy’s problems. Who should decide what they do? Only elected governments can, and it should be their responsibility.
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The Libor scandal has taught the banking industry that mainstream perceptions of behavioural risk are utterly flawed. A new approach to supervision is needed, and fast.
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The pricing on a debt package for the buyout of Intertrust has been reverse flexed, with the 450bp margin on its term loan ‘B’ being cited as a new benchmark for the market. But in a market where changes in margin are so correlated with the ebb and flow of supply, the very concept of a benchmark may now be outdated.