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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 Basel Committee has started to publicly worry about a backlash from the industry over its bank capital reforms. It’s a legitimate concern but leaving the hybrid capital market in limbo is not the way for it to win friends.
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UK lenders face a huge challenge in funding their mortgage books over the next few years. Securitisations will provide key indicators as to how difficult that hurdle will be to overcome. So far the signs have been mixed, but Santander’s announcement of what many would call the first true UK RMBS since the crisis began will provide the clearest answer yet.
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The Basel Committee has started to publicly worry about a backlash from the industry over its bank capital reforms. It’s a legitimate concern but leaving the hybrid capital market in limbo is not the way for it to win friends.
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UK mortgage lenders and rating agencies have woken up to the threat of £319bn of state-supported borrowing that will need refinancing in the three years from 2011. But pleas for further state aid will likely go unheeded: the securitisation industry has already had two years to put its house in order while the government has its own fiscal problems to worry about.
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Corporate bond sales have slumped compared with a stellar 2009. While few are losing much sleep yet over that, doubts are being cast whether the much-hyped phenomenon of a shift away from loans to the bond market will truly be a lasting one.
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If only size matters, then China’s banks could be about to take over the Asian debt markets. But there’s more to it than that and the prospect remains little more than an interesting possibility.