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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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German healthcare group Fresenius showed its might last week when it amended a $1.2bn syndicated loan, as a result cutting its interest payments substantially. It’s not just good news for the company: if history is a guide, then where Fresenius goes, others soon follow.
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German healthcare group Fresenius showed its might last week when it amended a $1.2bn syndicated loan, as a result cutting its interest payments substantially. It’s not just good news for the company: if history is a guide, then where Fresenius goes, others soon follow.
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The European corporate bond market is back on form, but this is no repeat of 2009. The companies now dominating the market are from lower down the investment grade ratings spectrum, and while this is great for investors and borrowers, it won’t necessarily spell a big surge in deal volumes.
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The New York bankruptcy court examiner’s report into Lehman Brothers highlights the thorny problem of cross-border regulation — and hands ammunition to advocates of tight national ringfencing.
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The symbolism behind The Wizard of Oz rings as true today as it did when the story was written over 100 years ago. Only a prolongued period of pain will bring investors in government bonds to their senses.
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Rabobank has taken contingent capital in a bold new direction, eschewing conversion into equity-like instruments for an automatic writedown. But without any regulatory benefit, it is not entirely clear what's in it for the Dutch bank.