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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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India wants to raise around $9bn before the end of the financial year from a slew of partial privatisations. So far it has raised just $1bn. The government will need to get moving quickly if it wants to hit its target by the end of March 2012. Its sale of a chunk of Oil and Natural Gas Corporation will show whether it has a chance.
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While the Vickers report offered some comment on senior bail-ins, investors still lack a clear picture of how they will work. Investors are lost in a fog of advisory papers, and bank funding is in crisis. Regulators and governments need to shine a light.
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Banks are beginning to question whether the ancillary business on offer really justifies losses on cut-price loans to Turkish banks. The debate may not lead to increased pricing for the top tier names but it doesn’t bode well for the borrowing costs of smaller Turkish FIs.
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DCM bankers resent the plentiful cheap loans that mean companies don’t need to issue bonds. But they are a valuable resource. The bigger problem is a lack of risk-taking by companies.
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The Hong Kong stock exchange talked up the offshore renminbi equity market this week, pointing to the bond market as an example of how quickly offshore renminbi products can grow. But this is a spurious comparison. Investors will not treat equity like debt — and it will take a lot more work for equity volumes to rise.
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The prospect of a market developing for UK local authority debt has got bankers understandably excited. But pricing on the one issue to have taken place has led some to worry that other authorities may find it hard to make capital markets issuance justifiable. Concerns may be legitimate, but probably for a different reason.