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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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As banks look ahead to the second long term refinancing operation from the ECB next month, recycling that cash into high yielding sovereign paper seems like an obvious strategy. But that does not mean they should.
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ABS issuers could aim for lower ratings, dropping their fixation on hitting triple-A, Standard & Poor’s suggested last week. Now, thanks to other rating actions, the agency may have a point.
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Asian bond issuers have had an impressive run so far this year, closing a record amount of deals in just a few weeks. But the more crowded the market becomes, the more likely it is that the window of opportunity will slam shut.
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Commonwealth Bank of Australia’s ground-breaking Aussie dollar covered bond deal is the story that everyone was waiting for. Its success disproves the conventional wisdom that euros and dollars are the only really liquid markets.
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Why are companies issuing so many bonds? They are worried funding conditions will deteriorate, as sovereign turmoil, international tension or economic gloom start to gnaw at investors’ souls. That could suggest investors are wrong to buy the deals now. But money needs a safe home, and at the moment, corporate debt is it.
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S&P’s European sovereign downgrades last week were well telegraphed and followed sentiment rather than leading it. They offer a lesson for all those involved in the Greek debt swap negotiations in how not to make a drama out of a crisis.