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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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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
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Dubai will be pleased with the reaction to last week’s restructuring proposals. But the result is close to what bankers originally expected to happen in November. Four months’ pain could have been avoided.