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The rollover risks sovereigns are accepting in exchange for cheaper funding
It's not the juniors in capital markets who need protecting from obsolescence. They stand to benefit most from the deployment of AI
Investors and techniques are ready for development banks to scale up securitization rapidly
Risks in exchange-traded funds holding CLOs are real, but there could be scope to relax the rules
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Unrated borrowers are swarming the corporate bond market like never before, and investors have by and large welcomed the diversity on offer. But there are very clear limits on the types of borrowers that can access the market, and for some unrated companies it may still be prohibitively expensive to issue.
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It’s OK to run a $7bn Ponzi scheme just so long as you don’t brag about it to your friends. That’s the only lesson to be drawn from the Securities & Exchange Commission’s actions over the last week.
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Just as people in the financial markets thought they were starting to put the crisis behind them, a slew of regulatory reports has brought the early days of the crunch back into focus. They make clear that solvency, not liquidity, was the key issue all along.
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Loan houses are scrambling to win the mandate for a deal backing the buyout of French healthcare group Sebia and some are said to be offering financing equivalent to six times the firm’s Ebitda. That scares many bankers, who think the market isn’t ready for such leverage. But, with the right margin, investors may have different ideas.
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It’s still too early to say that the securitisation market has normalised, but the reception of Obvion’s RMBS last week shows that securitisation is once again a viable funding source. On current trends it might soon, for some issuers at least, provide competitive pricing compared to covered bonds.
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One of the biggest questions for financial reform has been how to address systemic risk and with an election looming in the United Kingdom, voters will be able to choose between two different philosophies. This week the Bank of England began to set out the case for — potentially swingeing — limits on the size of financial institutions