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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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Wholesale funding has been collared as one of the great villains of the banking crisis. If banks had only relied on deposits we would not be in the trouble that we are in, or so the argument goes. But depositors are proving even more fickle than other investors, and, once the storm has passed, banks will need term funding from the wholesale markets — and lots of it.
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The Irish government’s wise and decisive move to guarantee the obligations of its banking system sets a precedent for financial markets everywhere. An exciting new age of prosperity beckons — if only the same thinking would be applied globally.
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If yesterday’s record points fall in US stock prices is anything to go by, the rejection of a heavily modified Troubled Assets Relief Program by Congress came as a surprise to many. It shouldn’t have — the proposal was doomed from the start.
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General Electric’s pre-announcement last week that it was to fall short of previous earnings guidance was deeply worrying but sadly predictable. After all, although GE is one of the world’s largest industrial concerns it cannot stay immune to the crisis that is currently reshaping the banking world.
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The syndicated loan market is crucial for European corporate activity, supporting both short term and long term funding, as well as facilitating mergers and acquisitions. If it ceases to function, corporates will be in even more trouble than they are now.
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The Irish government’s wise and decisive move to guarantee the obligations of its banking system sets a precedent for financial markets everywhere. An exciting new age of prosperity beckons — if only the same thinking would be applied globally.