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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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The CMBS issued by Tesco last week showed that securitisation is back. Sort of. The market is open only for deals that are closer to secured corporate bonds than true securitisations.
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The Financial Services Authority is determined to prevent a repeat of the liquidity crises that plagued UK banks last year but the British Bankers Association says that the regulator's proposals will put the screws on lending and hammer the economy. The BBA needs to take stability seriously — and if its members have a problem with their ability to lend, they should take that up with the Treasury, not the FSA.
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What a difference three months can make. Far from becoming an ingrained feature of capital markets as some had feared, the Federal Deposit Insurance Corp’s bank debt guarantees have indeed lived up to their billing as “temporary”. It’s another sign of renewed optimism on Wall Street.
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The loan market is trumpeting its return to health and renewed ability to finance big-ticket M&A business. But there will be few takers. Companies are set on deleveraging through equity issuance — leaving bank finance eclipsed for a good time yet.
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The capital markets celebrated a barnstorming few weeks during May and early June, suggesting that the worst of the credit crunch was in the past, and that we could look forward to a bright and bonus-filled future. That was the message of this time of year in 2008 — and no one now needs reminding of the storm that was then brewing, and which broke in such vicious fashion in September.
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The only real surprise about a corporate default occurring in the Gulf should be that anyone would be taken by surprise in the first place. But are the latest restructurings — for the likes of Saad and Al Gosaibi — a sign of worse to come or just a couple of nasty one-offs?