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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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The European Commission has had it in for ratings agencies for some time. It misguidedly apportions at least some of the blame for the region’s sovereign debt woes on sovereign rating actions. Its revenge is an attempt to decrease the agencies’ influence. Some of its aims are good but cack-handed implementation may bring a whole new set of risks.
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Afme’s response to the capital calibrations in Solvency II doesn’t inspire much confidence in the European Commission. On optimistic assumptions, their drafting has been thoughtless rather than malicious, but neither possibility is pleasing. What else is slipping through the net?
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Sukuk now offer well-capitalised borrowers cheaper funding than conventional bonds. Benchmark deals coming to market this week could open the door to some surprising names.
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In a world echoing with cries for tighter banking regulation, Canada risks strangling one of the most promising covered bond markets through overly stringent supervision.
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The EFSF will not win any awards for Monday’s 10 year trade but at least it got the thing away. A borrower with such a high profile needs to be more flexible in its approach to issuance. At the very least it could have avoided the mess of the last few weeks.
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Regulators, investors and banks have painted themselves into an undercapitalised corner. But this isn’t a way out of the present deleveraging and bad asset bind. Countercyclical requirements are a tough political sell but not a bad solution.