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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’s usually European politicians that get it in the neck for being blind to Europe’s debt-shaped problem. But is the LBO market equally guilty?
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The ECB is relaxing the deadlines for banks to give it details about the loans that underlie ABS that they are tendering for repo. The delay is unsurprising, but it serves as a reminder that the central bank's ultimate threat to refuse repo is likely to be a hollow one.
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Chinese companies listed in the US are missing out. They have toiled to file all the necessary documentation for an IPO, but are not yet taking advantage of SEC-registered bond issuance. It is time they reconsidered this. They are within reach of selling a bond that would be little more than a pipedream for most Chinese companies.
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The EFSF has turned absurdity into triumph and asserted its status as a mature, flexible issuer. Its €7bn 364-day trade shows what is possible in this benign environment. Other SSA issuers should grab pre-funding while the good times last.
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Barclays’ new tier two write down instrument was supposed to set a template for other UK banks to follow. Its soggy secondary performance has made it an easy target, but a better gauge of real investor interest in UK Cocos will be where it trades in the medium term.
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A global trade repository for all securities lending transactions is part of the Financial Stability Board’s plans to overhaul shadow banking. There would be knock-on benefits for the industry too.