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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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Europe’s corporate bond market has had a deathly quiet August, with only one deal issued. But although supply will pick up, it won’t to the extent that most corporate bankers hope. Europe’s borrowers simply won’t be tempted by low absolute yields.
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European ABS is on the rise, but it needs to find more investors before appetite wanes.
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The Basel Committee says that its latest proposals will level the playing field between systemically important banks and their smaller peers. Subordinated debt practitioners say it will widen the divide between the haves and have-nots. Only one thing is clear: the banking sector’s cost of capital is set to soar.
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Russia’s VTB Bank skipped its optional call on a lower tier bond on Friday, sparking a debate that first gripped the high-grade world in 2008 when Deutsche Bank took a similar decision. If investment grade investors can get over it, those in emerging markets have no excuses.
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Sovereign, supranational and agency debt markets are getting twitchy for a season of new issuance as investors return to their seats with cash to invest. But is this week the last chance for borrowers in dollars?
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The concept of mandating a “bail-in” for a failing bank is gaining ground among policymakers and industry groups. But in Denmark and Germany it’s already more than talk. It’s time that senior bondholders — secured and unsecured — start to reappraise relative value.