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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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China’s plan to open up renminbi trade settlement across the country will give a big boost to the offshore renminbi bond market, serving up a fresh source of potential investors. That will help the market continue its impressive growth rate — but it will also ensure that pricing power will stay in the hands of issuers for a long time to come.
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New SEC proposals for rating agencies have a lot in common with homeopathy. They are diluted to the point of containing no active ingredients, but they’ll still be expensive.
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Syndicated loan volumes in the Middle East are down on last year. Bankers argue this is more to do with an increase in bilateral arrangements than fallout from political unrest. But while private lending might seem a safer bet than syndications, it stores up other problems down the line.
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The slow progress of the offshore renminbi swap market could hold back the frenetic growth of bond issuance. It will need to develop if the dim sum market is ever to fulfil its potential.
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There are plenty of reasons why collateralised loan obligations should exist. But the reasons why they existed in the past, and the reasons why they might exist in the future, are the wrong ones — functions of misdirected regulation, not underlying flows of capital.
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The lenders to Elior who turned down the French food services company’s recent amend and extend request should be congratulated. They may be a minority, but it is a promising sign that the leveraged loan market is still able to price risk properly.