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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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Corporate borrowers, especially debut ones, were accused by syndicate desks earlier this year of having funding ambitions that were far too lofty, leading to some difficult deals. But bankers may now also be guilty of underestimating the limitations of the credit markets after an 18 month bull run.
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Public capital markets remain closed to many borrowers, notwithstanding the Kingdom’s of Spain’s Eu6bn syndicated return on Tuesday. In this environment, many extol the benefits of private and semi-private debt placements, such as the Schuldschein market, for its ability to provide borrowers with funding at even the toughest of times. But the factors that make it appealing could easily contribute to even more instability.
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Throwing money at a problem to make it go away has been a popular tactic among governments through the crisis. Spain, in dealing with its cajas, is no exception. The trouble is that the cajas are going to need a lot more money before their problems go away.
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The IPO of construction business Valemus fell victim to a streak of ten negative trading days on the Sydney stock exchange and deteriorating appetite for new listings globally, bankers on the deal said on Tuesday. -
Country risk is an easy explanation for a successful deal; risk-on or risk-off can ostensibly explain all kinds of market gyrations in the niche currencies. But good old-fashioned credit quality is more important.
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The high yield market showed welcome signs of recovery last week, and more deals are on the way. But borrowers will need to temper their pricing and structure expectations if they want investors to remain on board, as few will be able to emulate HeidelbergCement’s aggressive stance.
