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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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Central bank policy has entered unchartered territory during the crisis, but it hasn’t run its course yet. An obscure article in the ECB founding treaty, plus a little wisdom from the structured finance world, could provide a way back to market access for the peripheral sovereigns.
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EM bond prices are holding up. But volumes are low and cash is being hoarded. The signs are not necessarily good.
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A second day of ECB purchases of Italian and Spanish bonds has forced yields back down into more sustainable territory. The rights and wrongs of central bank support in markets are for another time. This was the shot in the arm that the European sovereign market needed.
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Chinese video website Tudou has somehow got enough demand to cover the books on its $180m US IPO, defying tumbling equity prices, a US downgrade, fears over the solvency of European countries and a whole lot more. But it is hard to avoid a sense of déjà vu.
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Asian companies have a lot to offer debt investors. But the recent turmoil in credit markets has given ample evidence, if any were needed, that the strengths of the region cannot outweigh problems elsewhere.
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Mandate documents are finally demonstrating the importance of Russian lenders to the syndicated loan market, both domestically and throughout the CIS region. New players with a deeply vested interest in the region’s performance will benefit borrowers and boost the health of a market that is vulnerable to fallout from the eurozone debt problems.