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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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Calyon, Royal Bank of Scotland and UBS pulled off something of a rarity in the leveraged loan market last week when the A$250m deal they were bookrunning for software firm MYOB closed fully subscribed. But with one, late-arriving lender getting paid more than any of the others, the super-tranching method sets a dangerous precedent for the syndication process.
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A haven of financial stability or next in the firing line of the banking crisis? That is the question Nordic loans bankers are asking now that foreign lenders are retreating and liquidity in the region starts to dry up.
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At the beginning of the year, the corporate bond market was flooded by investors looking for value and security in a confused capital markets world. Now that bubble has burst, issuers and investors are finding the going much tougher, but at least the market is now more realistic and reflective of negative fundamentals, which should make it more sustainable in the long term.
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Bond markets, especially the corporate variety, have rarely been busier as the bank loan markets remain moribund and retail investors chase the yields. It appears disintermediation has finally turned up by accident just after structured finance died trying to reach it.
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Governments now seem to be prepared to go to any lengths to prevent the bankruptcy of large banks, taking on hundreds of billions of dollars of exposure to risky assets and pumping capital into firms on an unprecedented scale. But their shortsighted refusal to either take the troubled banks into full ownership or properly account for the risks they are taking on will drag out the crisis.
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More companies in Asia are buying back debt these days than issuing it — but if some of the tender offers currently on the table succeed, there will be long-lasting damage to the region’s bond markets.