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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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Securitisation needs to find a new investor base to replace the leveraged conduits and structured investment vehicles on which it used to depend. Nationwide Building Society’s Silverstone deal this week showed how issuers can help newcomers engage with the product.
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Whispers about the return of corporate hybrids have grown louder, with bankers now confident such a structure would find demand. But some key obstacles remain, namely finding the right issuer and overcoming ratings methodology changes for hybrids, which could dampen investors’ enthusiasm.
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Dubai is finally back in the loan market, following DIC’s launch of a $550m facility last week. But the pricing of 550bp shows just how nervous lenders still are about the debt-laden emirate. Those worries should cease, though, if the government addresses two major issues.
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The FSA is determined to clamp down on how mortgage lenders and intermediaries do business. Its latest proposals are sensible, and stand a good chance of reducing reckless lending and providing a foundation for mortgage investors to demand more transparency.
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Extension risk has until now been the main concern for investors in Dutch securitisations. The collapse of retail bank DSB on Monday threw several more risks into the limelight and promises to set important precedents for market practice.
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Debt-cutting measures have been the driver for the majority of equity issuance this year, but with European markets knowing no way except up, companies have made ECM their first port of call for acquisition finance, too.