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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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Hong Kong’s interbank market tracks its counterpart in the US, reflecting the peg of the local currency to the US dollar. But rising loans threaten a dislocation between Hibor and Libor rates — and banks should take a cautious approach to their lending for the rest of the year.
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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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Corporate treasurers that have already refinanced this year may be happy that they’ve locked in some of the tightest pricing seen since the crisis. But they could face a battle — and higher fees — when lenders turn their minds to extension options that have to be approved next year.
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Retail investors should have as much right as fund managers to short stocks. But Hong Kong’s stock exchange would be well advised to hold punters back from short selling until markets have recovered some stability.
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With international banks caught in a capital conundrum, the smart money is moving to the denominator of capital ratios — risk weighted assets. To square the circle of pressure to lend, to recapitalise, and to derisk, banks are turning to techniques once dubbed “financial alchemy”. But we should think twice before dismissing this process.
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Corporate treasurers that have already refinanced this year may be happy that they’ve locked in some of the tightest pricing seen since the crisis. But they could face a battle — and higher fees — when lenders turn their minds to extension options that have to be approved next year.