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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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Lloyds Banking Group is marketing the first public European RMBS since the collapse of Lehman Brothers. Does this mean things are hunky dory again in the securitisation market? Far from it.
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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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Could things get any worse for the securitisation industry? Yes, if a series of recent court rulings are anything to go by: the market needs to worry a lot more about how judges will view transaction contracts when push comes to shove in a bankruptcy situation.
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Bond bankers sometimes seem to enjoy nothing more than a good row about fees, and this time around it’s Romania and its leads that are fending off attack. Yet, as the fee debate returns, isn’t it about time that banks become prepared to admit that this is a competitive business and not about rescuing kittens?
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The revelations brought to light so far by the lawsuit brought against the raters and arranger of Cheyne Capital’s structured investment vehicle highlight the way that the creation of triple-A structured finance instruments compromised the perception of agency independence. Reform must surely follow.
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The Basel Committee on Banking Supervision is, after months of talk, finally getting tough on hybrid capital. Panglossian banks that ignored repeated warnings about the future eligibility of the product may regret their enthusiasm.