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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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After straining every nerve to wean British banks off government guarantees, encourage recapitalisation and private sector borrowing, the UK government has introduced... a new guarantee scheme to encourage lending. The scheme might even boost SME funding, but it is the most convoluted option on the table — and the worst value for the Treasury.
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Policy wonks and ratings analysts are trying to promote the idea of local government bond issuance in Asia. They should not get too excited. Corruption, infighting and weak transparency will ensure things don’t change soon.
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The Islamic bond sector’s strength in recent weeks has set it in sharp relief with the tumult in the rest of the international capital markets. But amid the fervour for sukuk issues there is a risk that those looking to this growing market are already getting ahead of themselves.
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With European corporate bonds outperforming banks and even some govvies, questions are being asked in the loan market about which side of a deal bears the real credit risk.
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Taiwanese lenders pushing borrowers to increase the interest rates on their deals have the right idea. But they should get aggressive earlier in the process, using their bargaining power more strongly when it comes to the definition of market disruption clauses — and pricing.
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A rush of liability management exercises has highlighted the pressure banks are under to generate core capital quickly. But they should be careful not to lose sight of long term goals too.