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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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An overwhelming majority of investors believe that another LTRO is inevitable. The previous two interventions disrupted normal market operations. The ECB must tread carefully with its third.
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Increased demand from dollar investors for yieldy bank paper helped UBS print its new $2bn Coco with permanent principal write-down features. But institutional funds may still not be ready for additional tier one products.
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If angry lenders are looking for someone to blame for Isbank’s attempt to undercut the Turkish FI pricing benchmark, they should begin by looking close to home.
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Central bankers face a tough job keeping markets happy, particularly when reactions to their every word become more extreme each day. ECB president Mario Draghi came in for a torrent of criticism last week after failing to live up to the market's wildest expectations. But he should not be the target
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If angry lenders are looking for someone to blame for Isbank’s attempt to undercut the Turkish FI pricing benchmark, they should begin by looking close to home.
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The Japanese government’s planned sale of shares in Japan Airlines will set a record for an Asian listing this year. It will also underscore the impressive turnaround of a company that needed a bail-out just two and a half years ago, and will give the state coffers a handsome profit. But while it is easy to see why Japan is hungry to privatise the company, it is a lot harder to see why it thinks now is a good time to do it.