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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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As European governments prepare to publish the results of stress tests for banks, they should consider including a sovereign default in the severe scenario. As the fate of Greek banks has shown, no banking system can realistically survive the collapse in confidence following a sovereign nearing default regardless of capitalisation.
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The UK competition regulator has responded to longstanding criticism by listed companies by formally investigating the fees that banks charge for underwriting equity offerings. However, with deal volumes so low in the equity capital markets, they will be hard pressed to find any fees to investigate.
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Spain has leapt to the top the capital market’s worry list this week, just as the Bank of International Settlements has warned the world of another round of financial chaos. It’s time for some calm, sensible heads to help Spain’s borrowers through these volatile and difficult times. On the basis of his remarks on Monday, BBVA’s chairman Francisco González is not one of them.
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Asian lenders are an increasingly powerful force in Europe’s loan market. The spectacular return of retail demand in the last three months has been partly due to their willingness to fund EMEA’s borrowers. But Asian demand is also fragile, and any further rises in funding costs could see it cut back.
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US politicians are finally set to get their first big mouthful of bank flesh over the next two weeks as the financial regulation bill is finally signed into law. With the bill is a provision that will force US banks to spin-off their derivatives business. But this fails to attack the real cause of the crisis. Swaps trading was not the culprit; lending was. For banks it will be a painful and costly exercise. But more worryingly, derivatives business would become even more concentrated in the hands of a few non-US banks, providing a potential source of increased systemic risk to which everybody, including US shops, would be exposed.
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Asian lenders are an increasingly powerful force in Europe’s loan market. The spectacular return of retail demand in the last three months has been due in no small measure to their willingness to fund EMEA’s borrowers. But Asian demand is also fragile, and any further rises in funding costs could see it cut back.