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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 latest difference of opinion between ratings agencies could lead to wide ratings differentials for the world’s biggest banks. Unsurprisingly, there are worries that this will encourage ratings shopping. But blind consensus ought not to be the aim either. As Wall Street’s Gordon Gekko might have said, disagreement is good.
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Although yields may appear to be making good progress, for now, it would be foolish to draw too many conclusions about what traders and investors think about the future of peripheral bond markets and the economies they fund.
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Necessity, not curiosity, should be the driver of bank capital deals now.
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The European corporate bond market has seen a flurry of first time issuers in the past few weeks, some of them names that syndicate bankers admit they have never heard of. If the success of recent deals is anything to go by, that supply is unlikely to slow.
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Emerging market investors can forgive, by all means. But they shouldn’t be so quick to forget.
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In a surprisingly simple deal, Anglo Irish last week secured funding from a Swedish pension fund. But dealers — and Irish borrowers — should not get too excited: for many investors, Irish risk remains prohibitive.