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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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Investors swarmed over the first public Dutch RMBS since the start of the credit crisis, opening up another jurisdiction for securitisation. But the haste with which Arena 2009-1 was marketed raises questions about how thoroughly investors are examining new deals.
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Rating agencies, stand up and take a bow. While most working in the Middle East debt markets convinced themselves that Dubai would stand steadfastly behind its companies, the ratings agencies harboured doubts.
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Banks will soon have to build up buffers of capital during economic booms even though regulators are still lacking a plan on how the rules should be applied. Some recent proposals would make central banks micromanagers of the economy, a job for which they are ill-equipped.
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The outlook for the Russian syndicated loan market is finally improving but lenders will tread carefully for a while yet. Do not expect a flood of deals next quarter.
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The high yield bond market is a useful funding tool but will never match loans for the speed and flexibility needed for acquisitions? Unitymedia, and its Eu2.65bn bond package, this week proved that statement wrong, a feat achieved in the teeth of the first signs of a weakening rally for high yield bonds.
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Contingent core capital is proving attractive to issuers because it’s the cheapest option to keep regulators happy, and attractive to investors because of its nevertheless healthy yield. But it won’t make the banks, or the system, any safer. Only a wholesale restructuring of the industry will do that.