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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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Standard & Poor's has come in for the bulk of criticism this week after the Federal Court of Australia found the agency to have been misleading and deceptive in awarding a triple-A rating to an extreme structured credit product, the CPDO. Less attention has been paid to the finding that the structuring bank, ABN Amro, was also deemed to have been misleading and deceptive as it sought to get the rating it wanted. But until the rating agencies move away from the issuer-pays model, the system will always be vulnerable.
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Hong Kong regulators, issuers and bankers will be toasting the success of the offshore renminbi block sale for Hopewell Highway Infrastructure. But they should not get carried away. The deal exposed how much work needs to be put in for even a small block.
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The decision by UBS to pull out of the SSA business is a warning signal to issuers that they must change their ways. There are short term benefits to resisting such change, but a failure to adapt to the new reality will be disastrous in the long term.
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Intesa Sanpaolo’s decision to remove the call options from several lower tier two securities to optimise their capital treatment under Basel III has stunned the market. But it makes absolute economic sense — and it’s high time everyone accepted that.
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As if any further evidence were needed, a new report by Fitch has offered another slug of support for the reputation of European RMBS. The continent's regulators need to start giving the product the credit it deserves.
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By bringing a dollar deal that offered a curve-adjusted reoffer spread of just a few basis points over US Treasuries, the Swedish debt management office has not only blown apart the minimum spread myth of Treasuries plus 10bp but also has shown how low a borrower can go against the dollar benchmark.