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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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Not every borrower will want or be able to replicate Roche’s record-breaking bond issues of the last two weeks, or even follow its bonds-before-loan strategy. But the deals show at the very least that global debt markets remain strong enough to support even the very largest financing needs of companies.
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Loans bankers are squabbling over their market’s hot new structure, the forward start facility. Both sides have good points to make but the real significance lies in the argument itself: the debate is no longer about whether banks will ever lend anything to anyone ever again, but rather about competition for business.
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Mexico scrapped the long-dated portion of its bond issue last week, creating disappointment as well as attracting criticism. But it’s hard to see what it should have done differently in a market that remains fragile and uncertain.
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The Association of German Pfandbrief banks (VdP) is right to oppose the likely introduction of longer-maturity SoFFin guarantees for senior unsecured bank bonds. The Pfandbrief market is hardly setting the funding market alight, but there are sparks of life that the latest proposals threaten to extinguish.
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Commercial paper dealers and investors are protesting about the Bank of England’s planned intervention in their market. Quite right, too. The plan risks subsidising firms that don’t have funding problems and driving away the very investors that are starting to provide a solution to credit scarcity where it does exist.
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The EU’s plans to assert control over credit default swaps clearing are as impractical as they are unpopular. The banking industry must grasp the nettle and implement a global solution acceptable to the industry or risk a worse sting from regulators and their ill-formed proposals.