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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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Europe’s equity markets have had a decent run in 2009, but one key fundraising tool has been noticeably absent. The return of initial public offerings cannot be far away.
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US banks reported bumper profits last week, with some boasting of how they had been able to repay their TARP funds. But regulators should remain vigilant while banks are still relying on one-off gains and exceptional items for profitability
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Massive books and sharply tightening spreads are making the FIG market look, if not like a bubble, at least like its booming corporate bond cousin. Even the woes of US lender CIT can’t pull investors up short.
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KazMunaiGas, Kazakhstan’s majority state-owned oil and gas company, didn’t have any trouble attracting investors to its comeback Eurobond last week. But with the country’s financial system still in crisis, it’s hard to value deals that have sovereign support without knowing what the sovereign’s obligations actually are.
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Vivendi’s new acquisition funding request shows the borrower still has aggressive pricing expectations in the syndicated loan market. It is relying on its relationship pull to get the deal done, but it would be disappointing to see lenders cave in to this kind of pressure after the pricing gains made in the last year.
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KfW’s call for distinctions to be made among types of securitisation in public debate, and for its central importance to the German economy to be recognised, may put pressure on politicians to do more to kickstart the ABS market, but the hurdles are high. EuroWeek asked KfW board member Günther Braünig what needed to be done to achieve his vision of a revitalised SME securitisation sector.