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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 never-ending back and forth over Greece’s bail-out has put most of the European credit markets in deep freeze. So why then is securitisation so healthy?
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As an increasingly diverse range of European borrowers find attractive bond market funding, banks’ blinkered fixation with top-end companies may be hindering real development in the loan market. -
They saved Bear so they’ll save Lehman. They let Lehman go, so AIG is next. The rules changed from day to day back in September 2008 — and chaos ensued. So, now that Portuguese spreads are higher than the 5% at which Greece is supposedly allowed to borrow, will it too be bailed out? It’s time for a set of rules to define the European fiscal crisis — else Tuesday’s bond market chaos will run and run.
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A lack of supply in the loan market is pushing margins for the best borrowers tighter and leading to big oversubscriptions. But lucrative underwritten deals have yet to make a comeback. That could change if any brave lender decides to up the stakes.
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If Goldman Sachs actively misled investors in its Abacus 2007-AC1 CDO it deserves punishment. It’s a big if and at some point the principle of caveat emptor must apply. Whatever happens, it is perverse to hang the government’s flagship fraud cases on two investors brought low precisely because they had an excessively bullish view on subprime CDOs
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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.
