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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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Good news for emerging market lenders: M&A is back and borrowers are looking for loans. But is this really the fee-rich business that bankers have been waiting for? So far, it appears not, but a small fee is better than no fee.
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Criticising Cocos means criticising the consensus that these securities will solve the capital problems of the big international banks. Plenty of people, from DCM bankers to treasurers to politicians, have vested interests in backing the new system. Mervyn King should be applauded for resisting the urge.
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Standard & Poor’s unexpectedly withdrew its rating of Nine Dragons Paper Holdings last week, taking the unusual step of announcing the move during Hong Kong trading hours. Nine Dragons’ stock plummeted, before it was belatedly suspended. Some investors were fuming. But calls for the regulator to impose hard rules on when agencies can and can’t release their reports are misguided. Let the market decide.
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The latest initiatives designed to stave off a Greek default are unlikely to be successful, for the same reason that previous measures have failed — namely, that they don't tackle the fundamental issues. In any case, trying to keep the eurozone together is the wrong goal.
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Credit ratings suggest a high chance of Greece defaulting, a zero chance that the US will. Can that view be justified, when both depend on political choices?
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Talk of a rift between bankers and advisory boutiques has stirred up a lot of fuss, especially after the leak of a pitch book. PowerPoint presentations are probably redundant though. There's surely a much simpler, old-fashioned way to make the point.