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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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Europe’s leaders can restore confidence in the banking sector by offering to backstop the worst of feared losses. Across the board injections of equity capital would be the wrong way to do that. More creative solutions are needed.
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Gazprom pulled the rug out from underneath its own six month commercial paper issue last week. It should have gone ahead.
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The recent publication of equity research by a group of analysts claiming to be an offshoot of the hacking group Anonymous should be scrutinised closely by investors. The brazen approach by the group — which freely admits its associates could make a lot of money from short-selling ahead of the report — should set alarm bells ringing.
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The repayment of Nycomed's €4.2bn outstanding loans last week was the leveraged loan market’s last throw of the dice, with bankers hoping that it would prompt a increase in investor appetite in new deals. It hasn't worked out that way, as macro worries outweigh technicals. But the shift to a market ruled by fundamentals may have come just in time.
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The UK chancellor’s hints of stimulating lending to British businesses are clever politics. But UK Plc is not short of debt. It is short of confidence — and that is not going to improve until Europe sorts out the sovereign debt crisis.
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Asia’s bond markets are firmly shut, and few bankers or investors are willing to bet on when they will open again. That places a premium on the ability of bookrunners to sniff out small pockets of demand — and shows issuers where the real skill lies.