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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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First Sakrileg, now Sacrilegio. Covered bond purists have had an unsettling few weeks. The cry for structured covered bonds is not only getting louder but has moved across the covered bond bastion of Germany into Italy.
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Secondary spreads in the EFSF’s bond issues have taken a beating recently. French spreads have also made their way out to around 1% over Germany. But if you can handle short term scares, this might be the time to take down French and EFSF paper.
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US money market funds have retreated from eurozone bank debt, but financial institutions in the single currency have carried on funding regardless. With an already limited pool of borrowers, the funds may find they miss eurozone commercial paper more than the banks miss their dollars.
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The RMBS asset class is proving more effective at tapping US investor demand than European covered bonds. One reason is the gulf in collateral transparency. The latest ECBC initiative will not be enough to solve this.
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The UK and other non-euro members in the EU are being dragged down by the euro sovereign debt crisis. But they won’t do anything to help. That is not only short-sighted, but deeply unfair. In the good times, the single market gave them new markets in peripheral Europe. They owe weaker EU partners their support.
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Asia’s stock markets have plummeted over the last two months, forcing several companies to scrap planned IPOs and making bankers worry that the year is effectively over. But there are still likely to be small windows of opportunity, and bankers should have the courage to attempt new listings before the end of the year. After all, in markets this bad, there is little stigma to pulling a deal.