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The rollover risks sovereigns are accepting in exchange for cheaper funding
It's not the juniors in capital markets who need protecting from obsolescence. They stand to benefit most from the deployment of AI
Investors and techniques are ready for development banks to scale up securitization rapidly
Risks in exchange-traded funds holding CLOs are real, but there could be scope to relax the rules
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Strong demand for the first international bond issue from Iceland since its banking system’s collapse two years ago suggests a thaw in market sentiment. A sovereign issue may not be far off and that could be a better buy than Ireland. -
A heavily subscribed junk bond for Continental on Monday –– its second benchmark in a month –– is the latest sign of a white hot high yield bond market. Even investment grade funds are getting in on the action. Sound the bubble alarm.
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BHP Billiton’s $45bn transaction illustrates that the loan market will support big-ticket M&A. Meanwhile, Ardagh Glass has shown that companies can also access bond markets for acquisition finance. Debt bankers hope these transactions prove to the many doubting CEOs and CFOs that M&A finance is not just available, but on tap from a variety of sources.
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Funds are stepping up to the mark again in the leveraged loan market, after spending the last three years hunkered down, doing their best to avoid the crisis. But while investors have found themselves with extra liquidity, bookrunners and sponsors are well advised not to get too carried away. How deep those pockets are and how long the demand will last remain to be seen.
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RWE issued the fourth European corporate hybrid deal since the start of September on Monday, raising over Eu5bn of orders. On the same day the UK’s biggest corporate investor lambasted the product. But it seems that there are still plenty more deals to come.
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European securitisation’s long rehabilitation process is about to enter a new phase.
