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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 Kingdom of Spain and the European Investment Bank transactions last week showed how, despite the best intentions in the world, deals do go wrong. One paid too much and was overwhelmed with demand while the other tried to pay too little and struggled leaving two disappointed borrowers and an uncertain market. Syndicate managers need to do better.
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It will serve politicians right if RBS bankers defect to rivals over low bonus payments. While compensation is clearly headed lower in the downturn, it should be left to the market to decide how much bankers are paid.
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Is this the golden age of the corporate bond market? Looking back at the last few weeks of primary issuance, it certainly seems to be so.
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The bookrunner line-up for the European Investment Bank’s latest euro benchmark shows how the region’s local banks are muscling in on mandates that were once the preserve of bulge bracket firms.
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Who’d have thought it? Senior investment bank executives are regretting that they don’t have enough staff to manage the huge volume of business up for grabs. It’s another sign that the capital markets are back and functioning, at last.
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Asian borrowers, heavily dependent on foreign lenders, are yet to face up to the reduced circumstances of their banks, many of which are now owned by western governments. If they want credit lines to remain open they must be prepared to pay the price.