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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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What are syndicate bankers good for? The Indian government decided last week that they didn’t have much use, when it launched a big sale in a state-owned oil company through a new one-day auction process, leaving those banks it had previously mandated unable to help during execution. That proved a poor decision. Not only could bankers have driven demand to the struggling transaction, they could also have encouraged the government to set a more realistic price.
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The secondary covered bond rally rolls on, grinding spreads tighter and pushing yields to their limit. But foresight and fundamentals have played no part in the lust for peripheral paper. As lucrative as the carry trade has been for banks, when things turn sour investors could find themselves trapped.
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Vladimir Putin has passed the hurdle of elections with enough support to win him a third term as president. But political uncertainty in Russia did not end with the close of ballots on Sunday. The oil price will have to remain high for him to remain in power.
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The big demand for Mazda’s jumbo capital raising is a positive sign for Japan’s ECM market. Other companies with similar recapitalisation goals should take advantage of the country’s strong equity markets and recent currency depreciation to do the same. They may not have the chance for long.
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The news that a Czech borrower is looking for a €1bn loan purely from domestic banks has sent a shockwave through international loans teams. But they shouldn't panic just yet. The domestic market might be able to cope with a one-off like this, but it can't handle a trend.
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If Islamic finance is ever to be anything more than a poor relation of the conventional credit markets, those responsible for guiding the sector need to learn to adapt. The indecision and disputes that can delay deals at the moment will only get worse as issuers look to push into more innovative areas. Scholars that stand in the way of progress may well find themselves sidelined.