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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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One effect of the financial crisis has been to push European houses closer to the top of the capital market league tables. Another, announced this week, is a new 50% tax rate for the wealthy in the UK. Put the two together and does it start to make sense for the City to up sticks and move to Paris or Frankfurt?
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Only a short while ago, forward starts were viewed with disdain by much of the loan market — an instrument that many believed let borrowers get away with murder. But perceptions have changed as the instrument has been standardised to suit the needs of lenders as well as borrowers.
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They may deny it, but deep down, there’s nothing a syndicate banker likes to do more than slate an issuer. Sometimes, it’s even merited. But while Santander’s less-than-triumphant unguaranteed bond issue last week deserved some of the brickbats, the deal was worrying not because it fared so badly compared to other standalone bank issues, but because it had so much in common.
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The good news is starting to pile up — almost as fast as the bad keeps on coming in. But some genuine contenders for turning points in the financial crisis are starting to emerge, including Goldman Sachs’ first quarter results this week, and the latest surveys of risk-taking among institutional investors.
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The government’s stress tests on large US banks will paper over the cracks in the financial system rather than hasten its recovery. That appears to be the message of news emerging over the last week.
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The International Monetary Fund’s enhanced lending capacity sparked rallies across the emerging markets last week. The package has been good for sentiment and will no doubt help lower risk in the world’s most troubled economies. But it does nothing to solve one of the key problems: the inability of capital-constrained banks from developed markets to lend into those troubled emerging markets.