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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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Indian companies hoping to raise equity do not have the luxury of time. State elections at the start of this year and next, and the national vote in two years, will leave them little time to appeal to foreign and domestic investors without populist political rhetoric getting in the way. The start of the new financial year in April should be their starting gun.
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For the last couple of months, European high yield investors have seemed to be making real progress in their battle to win better disclosure from issuers — something long enjoyed by US investors. But now, after a long deal drought, along comes Polkomtel, seeking €900m but without the full disclosure many funds want. Will investors have the courage to turn it down?
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The future of Royal Bank of Scotland’s ambition as a global investment bank will be decided in the coming weeks. Don’t write the firm off. RBS was not strong in the threatened business lines anyway. It remains a top player in debt. If it decides to make a go of it, RBS has a good chance of thriving as a debt-based investment bank.
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Chinese New Year is just around the corner, and ECM bankers in the region know that means they cannot expect any big IPOs over the next few weeks. But while they are right to turn to block trades to keep themselves busy, caution is a must: the market is on shaky ground, and too many aggressive deals at once could damage sentiment for the rest of the quarter.
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If the European Parliament is writing bail-outs into CRD IV, what happened to the last four years of political and regulatory debate?
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The Greek debt burden, we are often told, is a trifle compared to the rest of Europe’s debt woes. But the Private Sector Initiative, first touted in the summer and designed to help banks and sovereigns alike through the crisis, is still causing headaches for participants. It threatens to devastate all attempts to restore confidence to markets.