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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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Bank regulation in the wake of the financial crisis was supposed to put long-term health ahead of short-term gain. Allowing the US stress test subjects to offset future earnings against capital requirements makes a mockery of that principle.
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For much of the last year, financial institution borrowers had a simple task: see issuance window, jump through it. Now, they are faced with a dilemma: raise funds now, in case the market has a relapse, or hold out in the expectation that spreads will continue to rally.
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Private sector specialists added their backing yesterday to a proposed infrastructure fund that might issue bonds, designed to help finance $8 trillion worth of Asian projects over the next ten years — but implementation will be tough.
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A handful of long-awaited deals in the Russian loan market have been welcomed by lenders, starved of anything to get their teeth into since September last year. But don’t hold your breath — no-one is predicting a recovery of the market any time soon, least of all the bankers involved in these recent transactions.
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Politicians and regulators around the world are beginning to set out their visions for how securitisation markets will be regulated in future. International coordination is vital to prevent distortions, but will be hard to achieve given widely varying philosophies.
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Such is the contrast between Europe’s fired-up corporate bond market and its damp squib cousin the loan market that some senior capital markets officials are predicting a permanent shift in funding patterns. But that is unlikely. The loan market, while not out of the mire, will remain an essential source of funding for corporate borrowers.