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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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Investors are turning to the European corporate bond market in droves and there is little on the horizon — neither rising defaults nor worsening economic fundamentals — that might make them turn back. This boom is here to stay.
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NDS is in the market with the biggest primary leveraged loan to launch this year in Europe. Appetite for this rare transaction among bank lenders and funds is still hard to gauge, and there are already concerns the deal is too ambitious. Regardless, it is the best opportunity for a new launch there has been so far this year.
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There’s never been better demand for Swiss franc bonds but lead managers are missing out on deals because of a reluctance to underwrite in the absence of large lead orders.
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The sterling corporate bond market is flourishing but illiquidity in the secondary market is becoming more of a concern with investors now adding their voices to the chorus of complaints already being made by issuers. It’s time for dealers to take notice.
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We haven’t seen many market-dividing deals this year. Everyone has been trying to find their feet again after a tumultuous 2008 and a horrendous first quarter so the conditions for market discord haven’t been there. Until now that is. Kookmin Bank’s covered bond last week has caused more arguments between bankers than bonus day.
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Can anything derail the corporate bond bandwagon? One potential peril, on an otherwise placid horizon, is issuers pushing inflated order books just a little too hard.