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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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Investors are showing some welcome caution in Europe’s high yield market. While most borrowers have enjoyed a smooth ride through the primary market, they haven’t been able to dictate pricing terms. This should placate those who fear a bubble developing.
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Natural disasters and geopolitical events have conspired to give Russia something of an advantage this year. But the country would not be in the position it is in without having worked hard to keep investors happy during the crisis.
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The worst fears of senior debtholders did not come to pass when the Irish government announced the results of its banking stress tests last week. But they should not be too quick to celebrate. There is plenty of time for them to be hit.
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With some Triple-A non-conforming ABS performing better than covered bonds from peripheral Europe, you'd be forgiven for thinking that securitisation was back in favour with regulators. But the preferred status of covered bonds remains hard to shift. The ABS world needs to start speaking with one voice if it wants to be heard.
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It's tough to change perceptions, but Northern Rock has gone some way to shaking off the terrible image it acquired by being one of the first high profile casualties of the financial crisis. But by holding back from selling the A2 tranche of its £1.5bn Gosforth Funding prime RMBS, it is missing an opportunity.
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The UK retail market has taken off over the last year, driven by a combination of external factors. But one key catalyst is unlikely to last for much longer. When rates begin to rise, it will be down to issuers to keep the momentum going.