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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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When one of the world’s bluest of blue chip companies only raises Eu750m in a benchmark bond issue, the market can be excused for being underwhelmed. But last week’s International Business Machines issue is more significant than its size suggests: at last the corporate bond market is taking baby steps back from the dead.
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Despite a market rally for emerging market assets over the past week in the wake of the emergency credit offered by the IMF and US Federal Reserve, concerns over slowing economic growth and rapid investor deleveraging make a solid rebound unlikely.
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Some private equity sponsors have begun griping that government bail-outs of their bank lenders have not instantly allowed them to access cheaper debt for leveraged buyouts. It’s time that they moved on — and find new ways to make money.
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As spreads on public sector bonds surged wider last week, investors in the Swiss franc market appear to have been experiencing irrational cravings — for chocolate. Nestlé’s recent three year issue is trading at its tightest ever levels, making it more expensive even than similar European Investment Bank, KfW and World Bank deals.
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It was only a matter of time before Royal Bank of Scotland’s lending policy came under political pressure after the UK government stepped in to bail it out. In fact, it took a mere two weeks — time enough for it to be caught in the political storm involving Russian billionaire Oleg Deripaska.
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Moves in the European syndicated loan market to price according to CDS levels are no panacea for a scarcity of cash and banks’ higher funding costs. Worse, the first two borrowers to use market-based pricing are precisely those that are least likely to cause banks problems in the first place.