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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 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.
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Spain’s regional governments have been under scrutiny since Catalunya abandoned plans to raise a syndicated loan. This is by no means a full blown funding crisis but the country’s autonomous governments need to get on top of their financing soon to avoid one.
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The G20 meetings may have highlighted more differences than similarities between governments on fiscal and financial reform, but there is one thing on which policymakers around the world increasingly agree. Bank bondholders will have to bear some of the burden of resolution in future. EuroWeek presents the cases for and against this radical change of direction.
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As Spanish banks fret about the closing of the ECB’s withdrawal of its one year refinancing operation, the large UK banks are meeting the refinancing challenge head on. Securitisation is playing an increasingly important role.
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Investors back new guidelines for corporate bond covenants, which they believe could help foster some form of relationship lending, a model traditionally closer to the loan market. But there are big obstacles to these covenants being implemented in the first place, let alone creating a new market dynamic.
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BP is all but shut out of the bond market. Even if it could issue, the spreads it would have to pay would be unthinkably high. Luckily for BP, the loan market is proving more reliable, showing how far relationships can take you.