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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 new UK government plans to strip the FSA of most of its responsibilities. To do so would achieve few if any benefits and would set back the reforms already put in place. There’s still time for George Osborne to change his mind.
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Roland Plan and Christoffer Mollenbach have left Royal Bank of Scotland’s European debt capital markets business. Their departures came as Matt Carter finalised the restructuring of the bank’s DCM franchise last week.
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Loan bankers might have breathed a sigh of relief at the weekend on hearing that the implementation of Basel III is going to take longer than first thought. But the delay merely represents a stay of execution for the undrawn revolving credit — a crucial part of a company’s funding toolbox — unless the loan markets’ leading figures can use the extra time to lobby the committee’s members into changing key elements of the new regulations, most critically the controversial requirement to maintain liquid assets to cover companies’ liquidity facilities.
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Now it gets serious. The shutdown of the senior unsecured bond market is in danger of hitting every financial institution, not just the lower tier credits, and the longer the market remains shut the more investor sentiment is soured. National champions need to take the lead in restoring confidence by following the covered bond market’s example and getting some deals out there.
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Now it gets serious. The shutdown of the senior unsecured bond market is in danger of hitting every financial institution, not just the lower tier credits, and the longer the market remains shut the more investor sentiment is soured.
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Politicians and regulators continue to sing the praises of harmonisation, but the tune is increasingly discordant.