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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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Rain or shine, syndicated loans businesses have proved to be among the most resilient in the capital markets. So when one of the most successful — and leanest — operations in the industry starts cutting back, the outlook for everyone else is nothing short of bleak.
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In a little over two weeks’ time the euro celebrates its tenth anniversary — just as a new political will to engage with membership is coming to the fore in central and eastern Europe. The single currency is winning over hearts and minds among the credit-crunch economies of the region.
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The UK’s Financial Services Authority wants to make banks hold more government bonds for liquidity purposes. It’s a long overdue reform — unfortunately so long that it’s out of date and in the foreseeable future would do more harm than good.
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Local politicians swerved a common sense solution last week, opting for a local bail-out of BayernLB instead of watching the Swabians next door swallow it up. The seemingly inevitable endgame for the landesbanks was postponed once more.
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A horrendous year for corporate bond investors is ending with an early visit from Santa Claus. By going on strike until new issues were priced with spreads so wide they were all but guaranteed to tighten significantly, corporate bond investors have been able to salvage at least something from 2008.
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Capacity, not pricing is now the key issue in Europe’s high grade syndicated loans market, say bankers. That might be true but it doesn’t mean that margins and fees shouldn’t continue to rise.