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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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Long tenors are returning to the syndicated loan market. While improving volumes and pricing might be more important to bankers, the shift is a crucial step in re-emphasising the market’s relevance to European companies.
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Asian and US buyers rallied to the controversial bonds sold by Manchester United football club on Friday — but the deal showed a welcome caution on the part of European high yield investors.
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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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Fault lines are developing in the global regulatory crackdown on banking but it is clear that governments expect to get their pound of flesh. The only certainty is intrusive and costly regulation.
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The Obama administration is presenting its new bank levy as a means to recoup the money injected directly into banks at the peak of the crisis. In reality, it is one step in reducing the budget deficit, dressed up in anti-bank rhetoric.
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Hybrid tier one issuance has yet to make an appearance this year — and, thanks to the Basel Committee, it is unlikely to for months. But not only do banks have to worry about future-proofing new deals, they also have to work out what to do with $22bn of bonds callable in 2010.