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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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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.
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Equities are up, credit spreads are down and the interbank market is moving again — but the euro commercial paper market is yet to respond to the concerted government bail-out plans announced this week. Normality is still a long way off.
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Bankers across Europe, and particularly in the UK, have a new dilemma to ponder. Government intervention in the global financial crisis might have been necessary — but just how much will banks have to radically change their business as a result? One big question this week is how much a UK government-controlled Royal Bank of Scotland will have to re-evaluate its lending policy.
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Spain’s banks are swapping the heroin of the European Central Bank’s repo facilities for the methadone of government debt guarantees. But they won’t get out of rehab until they raise asset origination pricing to reflect market-driven risk premiums.
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In case you’ve missed it, this new season’s trend in the capital markets is guaranteed bank debt. But as governments globally throw the kitchen sink at their banks to ensure survival, the question of cost has become increasingly important: will fee-based guarantees actually be used or not?
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By rejecting a common solution to the bank runs spreading across the continent, the European Union has encouraged a race-to-the-bottom by member states. Ten years after its greatest triumph — the creation of the euro — it has met its greatest challenge, and failed.