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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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Barclays Bank’s Eu3bn bond that priced last week made the whole concept of government guaranteed bank debt a reality — but it dismayed public sector bankers who blamed the issue for rocketing SSA spreads. A correction of those spreads was well overdue and shouldn’t be laid at the Barclays’ door.
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If Royal Bank of Scotland ends up selling any of its Asian operations following its likely acceptance of a high degree of UK government ownership, one name will justifiably top the list of likely bidders.
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The bond market for private sector issuers, at a standstill since the demise of Lehman Brothers, finally reopened last week. Even more encouraging was the fact that one of the transactions to come to market was an unguaranteed deal from a financial institution. However, while the signs are encouraging, a full return to health is still some way off.
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De-coupled or re-coupled is besides the point: the emerging markets have always been a rollercoaster ride. The stomach-churning terror of the latest downturn is the price to be paid for next, exhilarating bull run.
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When is tier one capital not tier one capital? Whenever the US Treasury decides, apparently. Playing fast and loose with those rules is just the latest in a string of decisions that show the US government failing to think through the implications of its hasty bail-out proposals.
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The acquisition of ABN Amro was meant to transform Royal Bank of Scotland into a genuine powerhouse in global financial markets. Instead, the takeover marked the beginning of the end of RBS’s rapid overseas expansion and its descent into nationalisation. Meanwhile, the bank it beat in the race for ABN, Barclays, has since managed to bring on board powerful strategic investors including the mighty Temasek, snap up Lehman Brothers’ US business for a song and, crucially, avoid state support and all which that entails.