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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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Pity the poor subordinated-bond holders. Instead of being wiped out by the failure of Bradford & Bingley last year, their investments were saved by the UK government’s bail-out of the bank — but they’re still not happy, and are now calling the latest policy “inexcusable”.
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The government is backtracking on senior minister Harriet Harman’s, populist rant against Sir Fred Goodwin’s pension arrangements — and the implication that laws can be changed and applied retrospectively. But it can’t hide its increasingly reactive and desperate policymaking in the banking crisis.
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The new approach taken by lead managers on the record-breaking capital raising by HSBC highlights the way equity bankers are changing their plan of attack in the underwriting of deals at a time where most banks and institutional investors are highly averse to risk.
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Three years of foot-dragging have finally yielded an agreement on standardised reporting for European RMBS. But the initiative won’t expand the investor base beyond the few sophisticated firms that can cope with what will still be an extensive amount of credit work.
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The latest German bank bail-out, that of HSH Nordbank today, has bypassed SoFFin, the federal government’s vehicle. So just how many bank bail-out vehicles does Germany need and why isn’t the real SoFFin helping? Germany and its states might appear to be in a mess of conflicting bail-outs — but in fact there are some sound principles of reform at work.
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Emerging market governments and companies need to make huge bond and loan repayments this year, as well as finance trade and investment, but they’re unlikely to be able to do so without some form of help from institutions such as the International Monetary Fund. New allocations of ‘paper gold’ — the IMF’s currency of special drawing rights — could help, and help head off deflation on the way.