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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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Some market participants fear that, after a long and distinguished history, the end could now be in sight for the syndicated loans product. But they underestimate the fundamental strengths of the bank financing market.
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Shinzo Abe, former prime minister of Japan, thinks the country’s woes can be solved if policy blunders are avoided. That may be optimistic, but his acknowledgement that the country’s political system needs a shake-up is spot on.
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After UK Chancellor George Osborne’s pronouncement that the country should be issuing 100 year Gilts, the Debt Management Office announced it would launch a consultation to see if the project was a goer. But as with most ideas politicians tout, the DMO may well find that this has more short-term than long-term benefits.
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The loan market is going to have to get used to a new pricing dynamic as Basel III bites. But countries are adopting the new standards at different speeds. The resulting pricing disparity is set to ratchet up the tension between borrowers and their lending banks.
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Investors in new style bank hybrids will face much greater risk of haircuts from regulatory intervention than from a bank breaching a 5.125% common equity tier one ratio. But that is no reason to scrap the capital trigger.
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French banks have not been rushing into Russian loans for a while now, but their return in force to the latest borrowing from Rosneft has got the loans market talking. The new deal is certainly a lot more attractive than Rosneft's December 2011 loan. By holding their fire last year, the French banks may have helped push pricing up: their return might send it the other way.