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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 UK Debt Management Office’s plans to syndicate some Gilt issuance have got bankers rubbing their hands in glee at the fees on offer. There’s no little irony in bankers profiting from underwriting securities that are being sold to bail out and pay for the mistakes of their own employers.
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America is cracking down on the financial services industry. Perhaps we should be worried that US political leaders want to tax bonus-recipients dry, re-regulate markets and keep US bail-out funds for US companies. But similar tax measures nearly half a century ago led directly to the greatest international capital market instrument ever known: the Eurobond.
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No wonder equity markets soared on Geithner’s plan: it mandates huge subsidies for financial services firms. But the plan, with its pretence that taxpayers are only on the hook for their small equity contributions, is another barrier preventing a real clean-up of damaged institutions which may still decline to sell assets.
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New Yorkers are angry, and turning on the financiers that made the city what it is. AIG is top of their hate list with one disgruntled Manhattan citizen even suggesting that all employees should be strung up with piano wire.
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Debt capital markets teams are having a dream start to the year thanks to the buoyant corporate and public sector bond markets. But amid the fanfare for companies and sovereigns, DCM teams are beginning to bring in impressive amounts of revenues from the government guaranteed FIG sector. Over $1.2tr of GG issuance is expected globally this year and all of it will be paying decent fees to boot.
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When AIG released details over the weekend of how it used its US government bail-out funds, it might have been expected to receive a welcome reception and be applauded for its new found conversion to transparency. Instead, it met with opprobrium, heaped on it because many of the counterparties to whom it paid the funds turned out to be banks from, horror-of-horrors, Europe. The protectionist backlash to the bail-out appears to be getting stronger.