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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 lack of dollar liquidity that is squeezing Asian banks will have a big impact on the syndicated loan market. A seismic shift away from US dollar lending is on the cards.
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Lehman Brothers’ bankruptcy has robbed the Asian markets of a rising star.
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The failure of Lehman Brothers has revealed, in as stark terms as possible, that the foundation of mutual trust and confidence on which the whole banking edifice is built had become deeply rotten in just a few years. On Monday, the natural order was restored, and painful though that might be now, it was a necessary adjustment.
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Lehman’s worst mistake was to get its timing wrong — six months ago it might have been saved by Hank Paulson. But Bear Stearns and the US mortgage agencies used up the Treasury’s willpower and that left Lehman horribly exposed and alone.
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Euphoria is too strong a word but the relief among Merrill Lynch bankers is palpable following their bank’s sale to Bank of America. That is understandable: a lot of uncertainty remains, but whatever happens, John Thain, a Merrill outsider is now a hero to Mother Merrill insiders.
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Real money investors are shopping for bargains in the secondary leveraged loan market. That’s not sufficient for prices to recover in the short-term, but it’s a necessary, and welcome, first step on the road.