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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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In its final consultation on bail-in, the European Commission is asking key stakeholders whether short term debt should be included in burden-sharing arrangements. This clashes with the drive by other regulators to make banks less reliant on short term funding. The result? Confusion at a time when certainty is needed.
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The reception given by investors to Iceland Foods’ debut leveraged loan was anything but frosty. But it would be unwise to draw any hasty conclusions from its success. Expect the LBO market to remain a cold and lonely place for a while yet.
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In a bid to grab ever smaller windows of opportunity, borrowers from peripheral Europe have embraced private markets wholeheartedly this year — helping to drive quarterly MTN volumes to their highest level for four years. With the conditions that led to this result showing little sign of changing soon, flexibility looks set to remain the top priority for peripheral issuers.
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Asia’s bank lenders and corporate borrowers are going through a rough patch in their relationship. Bickering on price has led to estrangement and a lack of deals. But absence makes the heart grow fonder — especially when corporates’ affair with the bond market turns sour, as it seems to be doing. Expect companies and lenders to kiss and make up soon.
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Covered bonds are moving towards a system of labelling, designed to act as a kitemark of quality. But investors should remember: there is more to credit analysis than ticking boxes. Weak deals can pass through labelling systems, while great deals can get excluded.
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An issuer in Germany’s fast-growing retail market for bonds from small and medium-sized companies has defaulted. Will this cause a scandal that shuts the market, as some bankers have warned? Mittelstand companies hoping to use this market will be hoping investors keep calm and carry on.