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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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BP this week turned to pre-export financing to raise cash. The structure has proved useful for many other borrowers over the last couple of years — but it is also attracting a growing number of critics.
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Standard & Poor’s has underlined its reluctance to issue RACs to securitisation deals but clearer guidelines should help trustees as well as those writing new issue documentation. It’s the best the market can hope for.
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Demand for emerging market loans is on the rise as banks look to exploit a recent spate of RFPs. But few lenders can be accused of forgetting the harsh lessons of recent years.
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The credit crunch has accelerated the blurring of the lines between syndicate and DCM, resulting in claims from both sides that the other is now a luxury.
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The recent second quarter results season has shone a light on banks’ funding requirements and how far they have got in chipping away at them. The numbers are surprisingly positive, adding yet further ballast to an increasingly stable industry.
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Dealflow in Asia’s leveraged finance market was pitifully low in the first half of the year. But one consolation is that those facilities that are coming to market are well structured with attractive pricing. But now that the market is slowly shifting back into gear, bankers must keep their discipline and prevent a return to poorly structured, rushed deals.