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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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Russia and Ukraine are squabbling again over gas prices. While Russia might have a point — and now actually needs the money to boot — neither country is doing much for its chances of slowing capital flight and its ability to bounce back from the credit crunch.
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Government guarantees have provided a welcome relief for the bond market, and some much needed activity for bankers. But the long-term effects may be hazardous for sovereign issuers.
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Who’d have thought it? Liquidity might be returning to the secondary leveraged loan market in the form of cashflows diverted away from CLO equity class holders. The irony is that these cashflows are only becoming available because of the poor performance of the underlying loans in the CLOs.
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EuroWeek will be back on Tuesday, January 6 2009 with its next instalment of Tuesday Views. In the meantime, EuroWeek would like to wish all its readers a merry Christmas and a happy new year.
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With the new year around the corner, the loan market is heading back to the more subdued days of 2002. Not only does this mean that volumes be down, but also staffing levels will have to cut accordingly.
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Corporate recapitalisations will be keeping equity capital markets bankers busy in 2009. But, as they fight over a smaller revenue pie, the ability of their firms to lend to clients will be the key to a successful year.