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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 successful sukuk issue by Dubai last week was an indication that its rehabilitation among investors is continuing well. But there were warning signs for other issuers too. Ignoring them would be foolish.
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Mortgage funding is being squeezed by a pincer movement of covered bond encumbrance and overzealous ABS regulation. But what about whole loan sales? They offer a viable alternative to covered bonds and securitisation — and one that looks increasingly attractive. -
It has been a barnstorming start to the year for Asia’s local currency bond markets. But the risk of foreign investors dumping their holdings puts the performance of Asian local markets into doubt for the rest of the year.
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Ineos’ covenant-lite loan is an example to borrowers and arrangers of what can be achieved by playing markets off each other. But it does not mean that the euro market is ready to absorb a cov-lite deal on its own.
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First the periphery, now the core. The euro crisis is well and truly back. But now is the not the time to panic. Senior bankers should be out there calming things down, focusing on their clients and attempting to establish some much needed middle ground between despair and relief.
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Some sovereign credits that once saw their admission to the eurozone club as a great achievement are now not so sure. It's not a cure, but the Swiss franc market might offer a measure of relief for their discomfort.
