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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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Russian borrowers are engaged in a delicate balancing act. For secured funding, the international markets are still the route of choice, while for other transactions, the domestic banks frequently offer the best deal. But with Russian banks’ ambitions growing, CEE loans bankers must ask themselves how long this division of labour can survive.
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There are various plans being considered to fix Europe’s sovereign finances. But before any of them get a chance to succeed, the politicians in charge of putting them in place need to learn the importance of thinking before they speak.
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The owners of shipping firm Hapag-Lloyd have lined up Credit Suisse, Goldman Sachs and Greenhill for a potential stock market listing even as they keep searching for investors to take core minority stakes in the business.
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Failed IPOs are piling up in 2010. The easy excuse is Greece and Ireland. A more nuanced response would include lengthy timetables; the “wrong” issuer candidates; and ever-larger syndicates driven by balance sheet banks angling for ancillary business. But let’s not forget about fees: after all, it’s usually the incentives — or lack of them — that count.
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While the Irish rescue package rescued Ireland, it has not helped the rest of the periphery. Despite hopes over the weekend, it has not stopped contagion spreading to Portugal and Spain. For that to happen, policymakers need to focus on the tools they have at hand. Time for the European Central Bank to get serious.
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A stumble this week in the restructuring of Kuwait's Investment Dar has highlighted a regional risk that is sometimes overlooked — the weakness of some countries' legal frameworks for dealing with bankruptcy. Lenders in the region have already shown their ability to be more discriminating about the relative strength of Middle East credits, but they should ensure they also consider the law.