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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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If Europe is serious about growth, it needs to get serious about securitisation. The PCS initiative should help.
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With its pockets empty, the Spanish government could find that subscribing to contingent capital in failed banks is better than becoming a long term equity investor in that least favoured of sectors.
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Investors are hiding under their desks, issuers are scared to pull the trigger and a €100bn bail-out can barely raise a smile. Surely now is not the time to come to the bond market? For some Asian issuers, it just might be.
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Graff Diamonds was forced to cancel its IPO last week, giving bankers another example of how tough the Hong Kong market is at the moment. But it was not just the economic backdrop that forced the company to scrap its deal: Graff took an approach that would have been aggressive at the best of times.
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If VTB manages, on its third attempt, to issue a sukuk then the Russian bank will have achieved for conventional issuers what Goldman Sachs couldn’t and Crédit Agricole didn’t dare. Demonstrating that such business is possible would do a big favour for the Islamic finance market — and the Russians themselves.
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The European Financial Stability Facility may have sparked some quibbles over the timing of its latest benchmark, but in pricing a deal at all it has made an important point.