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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 UK financial services secretary on Tuesday fired a broadside at the fund management industry and its complicit role in giving ECM bankers ever-higher fees for taking ever-lower risks. Coming less than a year after a period of extreme turbulence, that appears too harsh a judgement.
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The inquest into the disastrous performance of the Eu8bn five year bond sold by Greece last week is rumbling on. Greece and its lead managers made too many execution mistakes, say some. Hedge funds destroyed a perfect trade, retort others. But it’s not a deal at fault, it’s a lack of trust.
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When Lehman Brothers collapsed it had around $25bn of unrealised losses on illiquid assets. But after being dismembered in bankruptcy, shareholders and creditors have taken a $150bn hit. Could there be a better way to deal with failed banks?
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The first glimmer of a Middle Eastern loan since Dubai’s debt crisis in November emerged last week. But it will take more than a blowout deal from Mubadala, one of the region’s best credits, to open up the market for other borrowers.
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Equity capital market bankers have reason to cheer. More than 30 businesses are planning to go public in Europe, making this year the busiest for IPOs since 2007. But bankers will have to get used to splitting the fee pot with larger IPO syndicates than ever before.
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Failure in the sovereign bond market today was quite simply not an option for the Hellenic Republic. And by pricing Eu8bn of five year bonds some 300bp back of Germany, Greece and its lead managers ensured the deal was a blowout success. But before the European sovereign bond market gets carried away, life is set to get tougher for Greece as an issuer before it gets better, on account of the vast amounts it and its fellow European sovereigns still need to raise this year