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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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Don’t get your hopes up for September — after a dismal summer for new European corporate bond issuance, few expect a flood of deals when the winter term begins.
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Vivendi’s recent foray into the loan market has set an unwelcome precedent. Despite widespread criticism from syndicate bankers, the borrower undercut all recent benchmarks on the way to pricing a Eu1bn deal. If others follow suit, the syndicated loan will once again become no more than a loss-leader.
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UK business secretary Vince Cable has laid out his plans to increase bank lending to UK companies, especially those SMEs that have been starved of financing for much of the last two years. But the banks, which recently have been sensibly sticking to lending to high quality corporate names, have neither the appetite nor the capacity to fund every small business in the UK and should not be forced to do so.
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UK business secretary Vince Cable has laid out his plans to increase bank lending to UK companies, especially those SMEs that have been starved of financing for much of the last two years. But the banks, which recently have been sensibly sticking to lending to high quality corporate names, have neither the appetite nor the capacity to fund every small business in the UK and should not be forced to do so.
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Chinese property companies are coming back to the international bond markets after months of silence, hoping to raise money from the same investors who got severely burnt earlier this year when bond prices in the sector plummeted. But this time investors have more reason to be confident — and to push for juicy pricing.
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Kazakhstan is risking the ire of international lenders and emerging market investors if its dispute with Tristan Oil gives way to a default by the company on its Eurobond. Penalising bondholders will be a huge blow to all the efforts the government has made in the last three years to regain the trust of foreign investors.