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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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Chinese high yield borrowers are getting used to pushing their bankers around — and it is easy to see why. These companies may be a rich source of supply in the bond market but now is not the time to be demanding hard underwrites and unrealistic pricing.
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Five years after the credit crisis began, the hail of blows against the rating agencies is still intensifying. Seven S&P and Fitch officials are at risk of being prosecuted in Apulia, a province in southern Italy. But even if a miscarriage of justice is avoided there, other suits and onerous rules are piling up. Does any investor or issuer — apart from sovereigns — think any of this will lead to better ratings?
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Japanese loans bankers attempting to increase their yen business from foreign clients complain that the Samurai bond market is stealing their flows. They should not worry. Few other things can boost yen loan volumes like a splurge of Samurai bonds.
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The Kingdom of Spain still appears reluctant to accept an EU bailout, despite its mounting problems. Positive signs are beginning to appear for other periphery eurozone countries, but the dragging of Spanish heels could make all that good work redundant.
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Chinese property companies are rushing to the bond market at the moment, raising money ahead of a political handover that could hurt their ability to borrow offshore. But these deals should not be seen as a last-gasp dash for cash. They show that, among local companies at least, there is a lot of confidence about the direction the country is going in.
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The dollar premium has disappeared from the EMEA loan market. But don't be fooled into thinking this is just because banks have seen their dollar funding costs fall. It's as much to do with the fact that they are willing to take the hit and commit to loss-leading deals for the right clients.