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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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The Australian regulator is pushing for faster implementation of Basel III rules among its banks. It is doing so because it can — the country's banks are in good shape. Others, like the Europeans, are not so lucky, but the regulatory and market pressure is on.
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Bond mandates from EM credits have frequently been a quid pro quo for cheap syndicated lending. But if bank lending dries up, it could have big implications for borrowers — and the banks vying to service them.
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In good times, investors trust forecasts and concentrate on individual securities. In bad times, the macro picture is all that matters – so you get a succession of hypes. Jackson Hole was the latest – it won’t be the last.
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There have been few listings more eagerly anticipated than Manchester United’s pending IPO. The deal quickly became a must-have for the Singapore stock exchange, which muscled Hong Kong off the ball and won possession. Hong Kong officials should not see that as such a bad thing. This is one deal that Hong Kong could do without.
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Hong Kong inflation spiralled last month, but the peg to the dollar means local authorities do not have a full toolkit to fight rising prices. That will give local account holders even more reason to convert their deposits into other currencies — something that could help broaden the offshore renminbi market.
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Members of Afme’s Securitisation Division are hard at work hammering out details of the Prime Collateralised Securities initiative, hoping that regulators and politicians will let the ABS industry off the hook. But the PCS shouldn’t be a copy of covered bond standards. It should be better.