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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 possibility of bridge-to-bond loan facilities in CEEMEA has got the region's M&A bankers rubbing their hands with glee. Finally there might be a way to encourage dormant companies to spend again. But bankers should be careful. Focusing too much on this model could put the brakes on investment.
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Japan has not been a source of much hope for those in the financial markets in recent years, but equity analysts and investors are starting to become more bullish on the country. It may be too early to break out the champagne, but ECM bankers look set for a good year in a country that rarely offers much in the way of dealflow.
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The clamour for, and subsequent success of, Spain’s 10 year syndication may prove to be a landmark in the European sovereign debt crisis. But if Portugal tries to follow with a deal of its own, it will be an exercise in lily-gilding at best. At worst, it will be an unnecessary setback for peripheral sovereign bonds.
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The sukuk market has had a very quiet start to the year, compared with 2012. Until Tuesday, domestic deals in Malaysia and Saudi Arabia were all that had appeared. That has all changed with Dubai’s quickfire sovereign benchmark and a multicurrency sukuk programme from Malaysia’s Sime Darby. The hope is that these will get the Islamic finance pipeline flowing again.
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Market conditions are strong and it seems that almost any FIG issuer can do a deal. But that doesn't mean they can take liberties. Investors can be forgetful, but more often they remember when they have been taken for granted.
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A covered bond that offers identical credit quality to any other but which is immune from rating volatility should prove a boon to both investors and issuers. A pass-through structure would achieve just that, and NIBC’s decision to explore it should be applauded.