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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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Kazakh companies are back in the loan market, helped along by surging oil and commodity prices. But with memories still fresh of painful restructuring and the effect of Basel III on interbank lending beginning to be felt, it isn’t yet time to invite the country’s banks in from the cold.
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While interest rates have been at record lows, Europe’s junk bond market has thrived. But Jean-Claude Trichet’s hint of an imminent rise should not cause investors to retreat. There are still plenty of reasons to buy high yield paper.
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The prospect of euro rates rising has caused a stir among commercial paper traders. But amid complaints about the hard line on inflation, they forget that there could be a silver lining for ECP. Those in the market should be welcoming any move towards a normalisation of the euro/dollar basis swap.
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The Greek finance ministry on Monday described a downgrade by Moody's as unjustified and incomprehensible. But the agency's move appears merely to bring it into line with market opinion, and in any case, bashing the ratings agencies ignores the real issues.
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Lending restrictions at home have forced Chinese companies to look overseas for funding. That gives Asia’s loans bankers the opportunity of a big increase in their exposure to China — but they will need to swallow tight pricing.
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After all the praise, a debate about the dangers inherent in Coco bonds has begun, with critics fretting about the potential the product might have for creating a share price death spiral. But the real peril lies elsewhere.