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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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Asian bond issuers have sold a lot of deals since the start of the year, and they are now starting to pay wafer-thin yields. The twin dragons of tight pricing and oversupply risk make a drastic halt in issuance seem almost inevitable.
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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.
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Patriotism is the last refuge of a scoundrel, price cuts are the last ditch effort of a struggling retailer and — as we now know — short selling bans are the last hiding place for regulators that have run out of ideas
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Pricing new bond issues can be a delicate affair, and never more so than when a borrower is switching old bonds for new. So the market should not be too quick to judge a hefty rally on the back of a liability management exercise.
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It will take some time for the offshore renminbi debt market to offer the broad range of maturities, structures and credits that issuers can find in more established funding arenas. But market participants have already made big steps forward. It is too easy to underestimate quite how far the market has come.
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Defenders of financial innovation have been too timid. There is a moral case to be made, which is being drowned by bleating on about cost-benefit.