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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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GDF Suez’s draw-down of some of its revolving credit facilities should make lenders question the pricing differential between drawn and undrawn funding. They also ought to have a good think about the value of relationships to the loans business.
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As a piece of political theatre it couldn’t have gone better. The ICB recommends ring-fencing amid a flood of “casino banking” rhetoric, then in the very same week UBS illustrates exactly how careless investment banks can be. But arguments about bank regulation should look past the latest scandal.
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GDF Suez’s draw-down of some of its revolving credit facilities should make lenders question the pricing differential between drawn and undrawn funding. They also ought to have a good think about the value of relationships to the loans business.
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Emerging market investors are increasingly focusing on the eurozone crisis. And with good reason, as those events are moving the bonds of the emerging markets. But traditional company-specific risks also remain high. Investors and analysts need to be careful to avoid the distractions of the macro picture elsewhere.
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Korean regulators have occasionally appeared heavy-handed with domestic banks, but recent turmoil shows that they are right to keep a tight grip on the country’s financial system. With Korean banks so reliant on foreign currency, the regulator should be more aggressive than ever.
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The rogue trading scandal at UBS is all too familiar. This time, the financial world should take a vow never again to say that risk management has improved. Fraudsters will always find gaps in the system. The only answer is constant, aggressive and flexible surveillance.