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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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It’s the job of capital markets intermediaries to foster trust between buyers and sellers — sadly lacking in recent European IPOs. So, well done to Bank of America Merrill Lynch for sticking its neck out and making public proposals to improve the tone of market debate.
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Liquidity in leveraged loans has become scarce. A temporary solution in the form of prepayments to CLOs may be only months away, but a timely reminder has arrived that leveraged loans are only living thanks to a diet of existing liquidity from the pre-crisis years. Market participants should not panic, but complacency could be fatal.
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The latest whinge about Europe's bank stress tests is ludicrous. The tests are short of the mark, not over it.
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Thailand’s recent election could have scuppered the country’s attempt to price its debut inflation-linked bond last week. But investors ignored the possibility of political violence and jumped into the deal. They were right to do so. Inflation in the country is only going one way — especially if the new Prime Minister pushes ahead with her populist campaign pledges.
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Emerging market borrowers have never had it so good. Such is the demand for their public bonds and loans that they can name their currencies, their amounts and their price. They should use these golden days to establish regular MTN issuance, a strategy that will serve them well when market conditions inevitably turn against them.
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Confusion over the out-of-kilter pricing on Banco Espirito Santo’s debt exchange offer highlights the crucial importance of communicating with the market — especially with the Irish precedent of painful burden-sharing so fresh.