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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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Every iteration of the eurozone crisis so far has had one common factor: German intransigence. Peripheral countries shouldn’t approach Merkel as supplicant, but as equal. Instead of begging for bail-outs, the mantra should be “pay up or get out”.
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Last week saw a landmark event in covered bonds, with the first two Australian deals coming to market. But the new asset class has arrived stillborn. A rush to issue in spite of weak conditions has ruined the prospects for other deals.
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The ECB’s second purchase programme was one week old last Friday, having taken its first faltering steps on November 11. Its progress has been far from heartening.
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Without German support, it looks like the idea of a European guarantor syndicate idea has failed to get off the ground. Germany needs to shoulder its responsibility as the eurozone’s strongest economy. Otherwise the ailing eurozone will be beyond help.
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European investors are crying out for more short term debt options as traditional issuers’ ratings are slashed and they cease being viable investment options. The region's corporates should follow the lead of their US counterparts and fill the void.
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E-commerce company LaShou started the process for a Nasdaq IPO last week, making it the first Chinese issuer to launch a deal into the US market for three months. But the company would do better to wait until other companies have reopened the market. It is not the right name for an investor base that has suffered heavily from aggressive listings since May.