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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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European issuers have lunged into tier two issuance in recent months, satisfying both a bid for yieldy paper and an urgent need for capital. But while deals will continue to tick over, a return to pre-crisis levels of supply is still some way off.
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The ghostly form of the UK’s small business development bank is becoming visible. One can guess how it might work. But government rhetoric that it will unlock a dammed flood of credit to thirsty Bill Gates types is misleading. Modest and careful assistance can help SMEs. Thinking of this as a macro stimulus splurge will end in tears.
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Asian loans bankers may have lost business to the bond market this year, but they have still been able to point to one of the key benefits of their market: flexibility with maturities. But now that the bond market is muscling in on shorter-term financing, even that argument is losing its strength.
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A disappointing Pfandbrief on Tuesday may be the signal that the dash for core assets might have run its course. Whatever the news on Spanish banks later this week, peripheral and unloved sectors like ABS might be ripe for a rush of buying.
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The European Investment Bank showed peers an example of pragmatic dealmaking on Tuesday, selling a rare 10 year euro with a well oversubscribed book. The deal was a lesson in how to price long-dated trades in an ultra rich market environment.
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Periphery eurozone banks are back in the public bond mix as investors start to look down the credit curve. With private placement investors beginning to follow suit, issuers should consider the advantages of going private.