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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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Mounting talk of Italy being bailed out helps no one. The EU has not got its act together to end the crisis decisively, so Italy must help itself. With a new government, the country’s underlying strength would be able to shine through.
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Paragon’s return to the securitisation market was about the most exciting £160m ever placed in European ABS. But its decision not to sell the capital structure is disappointing. Why is selling mezzanine and subordinated notes still so spectacularly expensive?
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The management of the EFSF faces an unenviable task, trying to sell a deal for a credit that is barely recognisable from when it was first conceived — and is likely to change a lot more. But somehow they must find a way to communicate the strategy with more clarity than the region’s fractious politicians.
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European banks have plenty of good assets, and US treasuries know it. It's time to connect the dots — and Barclays is showing the way.
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In repaying the unidentified holders of $1bn of unguaranteed, senior unsecured Anglo Irish bank debt, the Irish government has betrayed its electorate. But it is the ECB that should take the greater blame.
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To be useful, the ECB should direct its covered bond purchase firepower where it is most needed — away from core Europe. But although logical, it's not without its risks. And the Greek referendum plan has added a few more.