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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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Ireland made an impressive return to the capital markets last week, selling its first long dated bonds since the sovereign received a bail-out in late 2010. Its success might cheer fans of austerity, but policymakers should be aware that Spain’s difficulties require different measures.
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Asia’s national banking champions are, on the whole, looking elsewhere in the region to expand their revenues and increase their loan books. But a small island of opportunity amid a vast sea of liquidity means that margins will get squeezed even tighter than they are now — and some banks looking overseas may soon wonder why they bothered.
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The US dollar covered bond market is all set for Royal Bank of Canada to issue the first SEC registered deal. But despite the promise this offers, others may not yet be ready to follow.
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Japan’s megabanks have long faced a domestic client base that has little appetite for loans, and offers little opportunity for big profits. But overseas expansion is no sure bet when the world is as fraught as it is now. These banks are forced to walk a tightrope, and earnings announcements next week will give a clue as to whether they have a plan to steady themselves.
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As Basel III approaches, investors should expect to see more deals like VTB’s hybrid capital deal. They need to get used the potential variables that such trades bring.
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Demonstrating access to the capital markets is an essential part of a country's economic rehabilitation. That makes last week's bond from Ukraine useful. But one deal is no evidence of regular access and the faith of some investors does not outweigh all other problems.