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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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The loan market is in danger of polarising. While top tier borrowers will continue to command strong backing from their lenders, smaller, more domestically focused companies will struggle in 2011 as their local banks pass on their higher costs of funds and reduce their leverage.
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The EFSF has a job to do and should be left to do it.
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The Australian government’s aim of promoting a retail bond market is laudable. But there’s a long way to go, and it’s not clear that the first round of proposals will be much use at all.
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The loan market is in danger of polarising. While top tier borrowers will continue to command strong backing from their lenders, smaller, more domestically focused companies will struggle in 2011 as their local banks pass on their higher costs of funds and reduce their leverage.
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Covered bonds are finally fair dinkum in Australia. Good news for the country’s banks that desperately need an alternative to the propped-up RMBS market and good news for investors looking for secure, highly rated assets from non-European financial institutions.
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First it was politicians and regulators bashing the banks, now it’s institutional investors. But if there’s one thing that the ECM market can be thankful for in the Institutional Investor Council’s attack on rights issue fees this week, it is the timing. ECM and corporate broking are about as competitive as possible right now. In a couple of years’ time, though, it might be a different story: another lukewarm year for dealflow could put serious pressure on the industry to reduce capacity.