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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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Allowing companies to bend the rules in order to quickly raise relatively small amounts of equity capital should be recognised for what it is: a sensible solution to a disjointed market.
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The Bank of England’s plan to provide liquidity and bring down spreads by buying corporate bonds appears as an oddly-targeted initiative to help a sector which is already finding its feet. Its artificial intervention may actually damage the long-term health of the market.
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Government guarantees have been a lifeline for banks across Europe. Without them, some financial institutions probably would not have even dreamt of trying to raise money in the bond market. However, while they are clearly here to stay, the recent spate of rating actions on sovereigns in Europe highlights that even a guarantor can have its shortcomings.
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Some investors holding troubled chemical firm Ineos’ loans are said to be upset at the double-notch ratings downgrade the company has received over the last couple of days. But even if the action looks tough on a company trying to work through its problems, the agencies are still being more lenient than the market itself.
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Lawrence Summers, president Obama’s top economic adviser, will wield unprecedented power in the new administration. But his track record suggests a tricky balancing act ahead, especially as far as the international economy is concerned.
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UK taxpayers and the politicians that represent them have many good reasons to be angry at the management of the Royal Bank of Scotland — now that they control a majority of the bank, the extent of RBS’s losses affects them too. But nationalistic carping at the bank’s global lending businesses is a travesty of the truth.