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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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Overcrowding among supranationals and agencies in the debt markets is becoming a very real possibility with several new, big borrowers set to come to the capital markets this year.
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Why on earth would anyone want to join the eurozone? It’s a good question and one that was frequently posed at the Euromoney CEE conference in Vienna last week. The loan market, for one, appears happy enough to continue to support its customers in their local currencies.
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The last two weeks have marked a turning point for the peripheral eurozone’s corporate borrowers. Investors are more willing than at any stage since the Greek crisis to judge them on their standalone merits. Of course, a hot European corporate bond market helps.
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With too many banks chasing too few deals, terms will get racier. Sooner or later the pressure will tell.
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Corporate borrowers are the darlings of Europe’s bond markets — and could well be for some time to come. But investors will only be pushed so far. They won’t tolerate stingy new issue concessions, especially with credit markets still so volatile.
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By backtracking on its proposals to reform its swap counterparty requirements for covered bonds, Standard and Poor's has undermined its own efforts to tackle an area of legitimate concern. Whatever it does now, its credibility will take a knock.