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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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One year ago the New York Yankees were crashing out of baseball’s major competition, while their home city was suffering as the Dow plunged 777 points in a day. Both markets and team have come a long way since then.
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There are few in the capital markets who haven’t been tempted to put the boot into the rating agencies over the last two years. But a draft US law that includes a proposal to make the raters financially liable for the actions of their competitors is just plain daft.
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Integra, the London-listed Russian oil services firm, took a step towards early repayment of a $250m European Bank for Reconstruction and Development-led syndicated loan with a $95m share placement on Tuesday. The move is intended to help Integra rebalance its debt to Ebitda ratio.
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Oak Hill Advisors has hired a former founding member of Goldman Sachs’ European special situations group to co-head its own business in the region.
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Good news from the Russian syndicated loan market has become the rarest of events over the last, torrid year. So, while excitement at the positive responses for two deals, the faint prospect of a third and a smattering of demand in secondary trading, could be seen as clutching at straws, there are real hopes that the market might be thawing at last.
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Corporate bond investors are no longer insisting on step-up language as they did for much of the credit crunch. It’s another sign that fundamentals are taking a back seat as a bubble mentality takes hold.