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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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Two things are clear from the first quarter DCM league tables: there’s more money in being a top 10 corporate bond house than there has been for years — and the composition of top 10 is changing faster than ever before. The reason: Europe’s banks are demanding the juiciest-ever bond mandates in return for extending loans to their closest relationship clients.
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Underwritings have been absent in the loan market over the last six months. New money lending has been dominated by clubbed and short-term term transactions. But K+S’s Eu1.4bn loan — for its $1.7bn takeover of Morton Salt — is different, the first proper underwrite seen in Europe this year. But while it is undoubtedly encouraging news, it’s too early to tell whether it heralds a return to the good old days in the syndicated loan market.
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An emerging markets corporate needing to refinance billions of dollars of loans taken out to fund a risky acquisition made at the top of the market? Is Tata Motors attempting mission impossible? No, the strength of its relationships is likely to see it through.
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Subordinated debt investors have a dilemma: take the banks’ exchange and tender offers to buy bonds back at a deeply discounted price, or hold out for an early call. This is one decision where it pays not to be in the minority.
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Great name, right maturity, spot-on pricing — there was only one thing missing from JPMorgan’s Eu2bn five year issue priced last week: a bumper order book. Unguaranteed financial institutions just can’t get investors interested, even as the end of government support programmes draws closer.
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The syndicated loan market has been at the centre of the political storm over the freeze in bank lending, and there has never been a greater need for it to be represented by a strong trade body. It should be the perfect time for the Loan Market Association to step up to the mark, but after a disappointing decision not to re-elect a chairman until July, it will have to undergo some serious soul-searching first.