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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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For too long, holders of EU sovereign debt have behaved as if their investments ought to be risk-free.
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Back in September, there seemed to be no stopping Europe’s corporate hybrid bond market. Until, that was, deals started tanking in the secondary market. Alliander, the Dutch utility that is set to restart hybrid issuance this week, must make sure it does not repeat the mistakes of others.
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All that glisters is not gold, and emerging market buyers seem to have finally woken up to the fact.
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The successful placement by Investec of the first UK non-conforming RMBS since the credit crisis is another sign of the securitisation market’s rehabilitation. But it also shows that investors are still thin on the ground — and wary. The issuer had to bend over backwards to get the deal away.
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Strong demand for emerging market credits among bulge bracket lenders might give the impression that the sector is back on its feet. But beneath the surface, there is a gaping hole where retail used to be.
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Senior bondholders must acknowledge their place in the recovery waterfall — and realise that going concern haircuts are not completely out of line.