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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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Qatari Diar lit up the Middle East last week when it raised $25bn of orders on the way to pricing a $3.5bn government-guaranteed bond. Qatar proved that investors in the Middle East need the explicit backing of a sovereign before piling into a deal. But it would be wrong to say that the days of implicit guarantees are over.
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While the euro market has headed off to the beach, the dollar market remains wide open for SSA borrowers. With KfW having shown just what is possible — twice in as many weeks — bankers were calling for the EIB to follow the German development bank and launch a dollar deal. It is sound advice that the supranational borrower has followed: if the year has taught public sector issuers one thing, it is to take issuance opportunities when they present themselves.
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With regulators and central banks rushing to impose new restrictions and requirements on securitisation, the Bank of England’s openness in its consultation shows it is genuine in its desire to restart the market.
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The retrenchment of banks into their home markets, so widely predicted at the height of the financial crisis, has failed to materialise with European lenders continuing to operate across the region. The lack of dealflow in the market has brought out banks’ competitive streak, and they — whether state-owned or not — continue to chase deals whether domestic or otherwise.
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The UK’s Thomas Cook Group has failed in its attempt to issue what would have been the first Islamic bond for a European company. The deal itself had big problems including an unknown bookrunner managing it and stormy markets to contend with. But the sukuk’s collapse also raises questions over the depth of the Islamic finance market and how open it is to non-local issuers.
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Emerging market deals are offering glittering returns, and these credits are gaining in popularity as confidence in the developed world flounders. But the risks — perfectly illustrated by last week’s default by International Industrial Bank of Russia — are sometimes all too easily forgotten.