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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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Government guarantee schemes for bank debt are likely to be extended by the European Commission in the coming days, a move that will be met with sighs of relief from the FIG market. But the EC should take the chance to raise the cost of such issuance and help prod Europe’s weaker banks into restructurings.
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The chances of a country deciding to leave the euro are, even after the buffeting of the last few weeks, remote. But they can no longer be assumed to be zero — and yet the process by which it could happen has received a fraction of the attention given to market instability. Gabriel Stein at Lombard Street Research recently published a 20 page analysis of potential EMU exits and EuroWeek is pleased to present an abridged version here.
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The Eurogroup’s shock and awe measures announced over the weekend demonstrate that governments have woken up to the severity of the sovereign debt crisis and its potential to wreak havoc through the financial system. But don’t expect any let up on banks.
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High grade European corporate credit has barely sniffled even as many of the region’s sovereigns have been laid flat out. The consensus opinion is that credit fundamentals are supporting spreads, especially relative to now-risky sovereign debt. But how long can that last as policy makers across the Continent conduct economic austerity experiments that could ultimately threaten the single currency?
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Every once in a while you hear talk of ‘decoupling’ in the Asian capital markets. Analysts, investors, bankers — all the cool kids start saying it. Then a few months go by and ‘recoupling’ becomes the buzzword.
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It seems unlikely, but a French soap maker may mean more for Hong Kong’s stock market than a Russian metals company almost six times its size.