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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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The contrasting trajectories of two jumbo KKR buyouts are embarrassing for leveraged finance bankers and investors. And they should trigger a long, hard look at what drives investment decisions.
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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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The UK’s latest scheme to stimulate the economy, Funding for Lending, has been greeted with an almost audible weary sigh from the market. It should reduce loan funding costs appreciably, which can only help the economy. Whether it unlocks loans for borrowers who can’t get them already is much less certain.
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Allowing Scotland to issue its own debt is at best a waste of time. At worst, it could also be costly.
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China Fishery is hitting the road this week to test demand for a bond, readying the first Asian high yield deal in more than two months. But investors are too jittery to absorb a spree of high yield issues. It is juicy structures, not juicy credits, that bankers should be emphasising.
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Aircraft Pfandbriefe raise uncomfortable questions about what is a covered bond. In doing so, they risk jeopardising the regulatory esteem in which the asset class is held.