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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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Asian debt bankers are closely watching a leadership transition in China, hoping that the next generation of leaders will announce new stimulus measures. But it is Europe’s problems, not China’s solutions, that will determine the growth of Asia’s bond markets for years to come.
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Loans are all about relationships. AAR is taking a tough route by testing lenders to see if it gets on better with banks than the Russian state does.
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Two European CMBS deals have been issued in little over a week — matching the total number of deals that have been issued since the subprime crisis began. This is clearly a positive sign, but it does not mean the market is now open for business. It will be many more years before a properly functioning market returns.
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A proposal in the Liikanen report that bankers should be paid partly with bail-inable debt is intended to build on existing attempts to align decision-making with long-term performance. At first glance, the idea might appear unfair, but it could help keep management on the right track in times of crisis.
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The European Stability Mechanism’s entry as a short term debt investor later this month is likely to push already low yields down even further. With money market funds struggling in this environment, more could close — leaving issuers with a diminished natural investor base.
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India’s government has made some bold moves this year to bolster its economic outlook and clear for a path for the country’s banks and institutions to raise money overseas. But these measures are not enough. The government should remove one its most obstructive regulations: a limit on how much borrowers can pay when going offshore.