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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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Standard & Poor’s has got it in the neck for downgrading state-owned companies in the Gulf. This is unfair on the agency. Instead, the onus should be on the region’s governments to make known their intentions about government-related entity debt well in advance.
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The appointment of two Britons, Adair Turner and Paul Tucker, to chair key taskforces within the Financial Stability Board shows that the UK’s influence in setting the global regulatory agenda may not be as diminished as continental Europe had once thought.
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Higher fees in return for lower margins. That simple but revolutionary formula has put the Asian loans market in a spin but is to the long-run benefit of banks as well as borrowers.
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Opportunistic bids and unsuccessful offers threaten to become as much of a trend in subordinated liability management exercises as the triumphant raising of core tier one capital. But that’s no bad thing — any choice for investors is better than no choice at all.
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The half year figures are rolling in, and, unsurprisingly, loans desks have had a dismal start to 2009. But reading between the lines, it transpires that this market is not, as so many had feared, dead — and nor can some of the biggest players in it, like Royal Bank of Scotland, be written off completely.
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Debtor-in-possession financing might be coming to the UK but questions remain over the proposals which cut to the heart of the creditor-friendly regime.