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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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China’s banking regulator may have revved up the securitisation engine but it has yet to disengage the hand brake. After seven months of indecision while government officials watched the credit crunch wreak havoc, they have tentatively made the right choice in allowing banks to use securitisation. But regulators still have a long way to go.
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China’s banking regulator may have revved up the securitisation engine but it has yet to disengage the hand brake. After seven months of indecision while government officials watched the credit crunch wreak havoc, they have tentatively made the right choice in allowing banks to use securitisation. But regulators still have a long way to go.
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Margins have widened, tenors have shortened, promises of ancillary business have been made more specific and underwriting groups have expanded. Syndicated loans bankers have done all they can to get the market operating at full speed again — but to no avail. The loan market’s recovery now depends on factors outside their control.
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Eighteen months ago smart graduates and associates wanted to work in structured credit, leveraged finance, derivatives or the corporate and financial institutions sectors where the adrenalin levels were high and so too were the fees and bonuses. Not any more. Now, as the capital markets emerge from the liquidity crisis the public sector business is back on top. Deal volumes are expected to rise sharply next year and so too, at long last, are fees.
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Reports that some eurozone sovereigns could get together in order to issue a European bond have recently resurfaced. While in this day and age it is difficult to dismiss what seems to be impossible, it is hard to conceive how the idea would work politically, let alone practically.
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We’ve become so accustomed to multi-billion dollar government bail-outs and guarantees that you wouldn’t think another could shock. Yet Federal Reserve chair Ben Bernanke touted an idea for government guarantees on Friday that is staggeringly bold and seriously wrongheaded.