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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 stress tests on European banks have set off keen debate over their value and impact. But the true measure of their success will be in market performance and dealflow over the coming weeks.
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The US ABS market has won a temporary reprieve over the issue of rating agency liability. A long term solution should be found quickly, but it may not be so easy.
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Russia’s loan market has burst into life after a torrid 18 months. Structures not seen since the height of the bull-run in 2007, such as unsecured facilities, are re-emerging, and this time there are hopes that this new boom is sustainable.
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Remarkably for late July, the public sector bond market is still open for business. But sovereign, supranational and agency borrowers will have to be quick if they want to get any more deals done before those investors that remain at the desks disappear for their August holidays. They will also have to choose their issuing formats carefully.
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The sure sign of a bright future for a particular market is when banks begin hiring heavily — and that’s exactly what has been happening in high yield, as competition between bookrunners heats up.
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Bankers railed against French telecoms firm Vivendi last week, criticising the proposed 55bp margin on a new five year facility and the borrower’s aggressive attitude to its refinancing. But the tight margin could be just what’s needed to get the loan market competing again with the bond market. It might also remind participants that the loan market is as much about relationships as it is return.