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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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ICICI Bank has a strong capital position, a good reputation and a key position in one of the world’s fastest growing economies. It also has several billion dollars of debt to refinance over the next 18 months. So why did it risk its strong standing with investors by trying to skip the call date on a measly $25m of bonds?
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While it is difficult to argue against the logic of senior creditor bail-ins, the practicalities are complicated. Bank of Ireland’s capital generation exercise, even though it is so far limited to tier two paper, has highlighted some of the pitfalls. Regulators ignore these worries at their peril.
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When opening a new market, most banks would tread softly, leaving plenty of money on the table to ensure success of execution. Despite the long sounding period, Deutsche has chosen another route for DECO 2011, and it should be congratulated for its boldness.
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Iceland is planning its first international bond since the crisis. But even though it is likely to offer the kind of yield that gets emerging market investors interested, they should be wary of jumping in at the wrong price.
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Resourcehouse’s latest failed attempt to list in Hong Kong is not the end of the road for early stage miners there or for the Australian mining company itself. But it is a perfect blueprint for other mining companies looking to float: this is how not to do it.
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After two months with no covered bond supply from peripheral Europe, the last two weeks have seen two benchmark deals that priced tight to where their respective government bonds trade. But that’s where the similarities end. The deals' outcomes could not have been more different.