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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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Fresh confusion about new tier two structures shows that the debate over the rules for new bank capital has gone on much too long. It’s time for policymakers to nail down the legislation.
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Italian yields shot up after prime minister Mario Monti announced this weekend that he would be stepping down earlier than expected — and the spectre of ex-leader Silvio Berlusconi’s return spooked investors. But the Republic of Italy’s 2013 funding prospects won’t be decided at the country's ballot box. It’s the Kingdom of Spain’s actions that matter.
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There has been an undoubted shift in the Asian capital raising landscape this year, as ECM and loans bankers have made way to their peers on bond desks. This will be far from a passing fad — and for those outside of the bond market, next year looks likely to be just as tough as 2012.
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Local Russian banks now see VTB and Sberbank as international players, somewhat removed from their world. At the same time, international banks still do not consider them a real threat. The truth is that both sets of rivals should be worried.
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Chinese insurance group PICC raised HK$21.01bn ($3.09bn) in Hong Kong’s biggest IPO of the year last week. The sheer size of the deal means ECM bankers can end the year with some pride, but this is not a feat that can be often repeated. True bookbuilds, not club deals, will be needed to resuscitate the market in 2013.
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Throughout this year the credit curve has flattened, forcing investors to chase anything offering a decent spread. But this mood cannot possibly last through the whole of next year. That's why challenged issuers should waste no time in accessing the market while they still can.