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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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Something has been missing from the emerging market bond market this year – the strong corporates and bank issuers that usually tap the market in late February. Bankers blame Russia's presidential elections, due in early March. But there is a window of opportunity before then and borrowers are wrong to ignore it.
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Just saying something over and over doesn't make it true. Sometimes, in fact, it has the effect of making people doubt it even more — as Shakespeare’s Mark Anthony showed in his praise of the “honourable man” Brutus. At the moment, the scene is Greece, not Rome. But the more the bailout is lauded, the more it looks like it has dealt the deathblow.
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Asian corporations are returning to the market for bond taps rapidly after launching their original deals. That certainly makes sense for those companies, but it could damage the chances of others by making investors a lot more aggressive the first time a deal hits the market.
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The ECB's long term refinancing operation (LTRO) has worked miracles for the primary market and is arguably the only emergency measure to date to have had the desired effect. But central bankers need to think extremely carefully before serving up more of the same.
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Now that Greece has its bail-out, thinking about a PSI 2 for Portugal is fine, but let’s keep it theoretical. The last thing Europe needs now is to feel that contagion is real after all.
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The more LTRO funding banks take, the more their senior creditors become structurally subordinated. Another big shot in the arm at the end of February means senior debt gets pushed further down the capital structure. But party on — the ECB won’t let anyone go bankrupt.