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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 corporate default rate in 2009 was a damp squib compared to the predicted onslaught of bankruptcies. Now that banks have rebuilt equity capital and established work-out groups, it is the booming high yield bond market that is pouring cold water on the pessimists. For the moment.
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After the blizzard of new banking regulations proposed in 2009, we might soon have an idea of how much these initiatives will cost, and what the industry will look like when regulators have finished with it. Initial estimates show some surprising results.
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A year which began in depression gave little hint of the market recovery to follow. It wasn’t all good news for bankers though, as December brought the curbing of bonuses in the UK. Below is EuroWeek’s take on the most important stories in 2009, through a dozen Tuesday View columns. The View returns on Tuesday, January 5.
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Wind Telecomunicazioni offered a glimpse back into the past of the leveraged finance market when it sold a Eu750m PIK note last week. That was a boon for the company’s owners but the high yield bond market faces a stiffer test: providing a refinancing route for a mountain of leveraged loans over the next four years.
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Distressed emerging market borrowers rail against the fickleness of their fair-weather friends. Western bank lenders moan about the chaos and delays in restructuring their debt. Sound familiar? This time, waiting in the wings are Chinese and Middle East banks and investors, flush with liquidity.
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Bankers, in London anyway, are about to be bashed. A tone deaf denial of reality from the industry doesn’t do anyone any favours.