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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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Hopes that Asia’s local bond markets will fill the gap left by meltdown in the dollar market look too optimistic. While some governments will continue to attract international investors, the corporate sector is falling ever further behind.
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A growing weight of evidence suggests that 2009 is shaping up to be one of the worst on record for the syndicated loan market. Loans bankers are making increasingly gloomy predictions for the usually busy start of the year but there is one ray of sunshine: corporate borrowers have taken the message on board and strong credits are already turning to the bond markets for their funding needs.
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Hopes that Asia’s local bond markets will fill the gap left by meltdown in the dollar market look too optimistic. While some governments will continue to attract international investors, the corporate sector is falling ever further behind.
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Bigger, tighter and more widely distributed, the inaugural issue of the Société de Financement de l’Economie Française (SFEF) last week trumped government guaranteed-offerings from the UK banks. But the French solution has one major drawback: it does nothing for the cause of transparency.
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Europe’s utility companies have reinvigorated the bond market with Eu10bn of issuance in the last month. But the burst of deals says more about the dire state of the loan market than it does about the health of the bond market. No longer confident in the ability of their banks to support them in 2009 they have opted instead to swallow bond investors’ demands for ever-larger spreads.
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Government guaranteed issuers, set for the scrapheap just a few years ago, are now one of the defining features of the capital markets in 2008. Even more reason, then, to celebrate KfW turning 60 today.