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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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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.
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The message, according to peripheral sovereign funding teams and European politicians, has been: “Crisis? What crisis?” Bond investors might put it another way: “Progress? What progress?”