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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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Pricing in the loan market appears to have hit a ceiling for Europe’s best-rated borrowers, and has at last begun to fall. Though that might make loans bankers squeal, it’s a necessary step as lenders try to take back business from the bond market.
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Frustrated investors in commercial mortgage backed securities are starting to throw their weight around but their threats of action are likely to have a greater effect than taking action.
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Asset-backed commercial paper structurers and dealers were largely dismissive of the Bank of England’s move to start buying the product this week. But compared to a similar scheme to buy short-term UK corporate debt, this programme could do some good, and certainly shouldn’t do much harm.
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Zurich Finance priced a callable lower tier two deal last week in yet another encouraging sign that the once-moribund subordinated market is returning to health. But while undoubtedly a positive development, dated callable deals are more likely to be museum pieces than everyday flow.
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Porsche’s banks will be breathing easier now that its merger with Volkswagen and a Qatari cash injection are set to go ahead. But bankers also have lessons to learn: the episode shows the importance of applying the kind of discipline in lending criteria that was so sorely lacking in the past.
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The corporate bond market is still taking baby steps towards the rehabilitation of risky credits, but last week’s Fiat and Gazprom deals illustrate just how many it’s taking, and in such quick succession, too.