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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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“They’ve taken the free market out of the free market,” huffed Senator Jim Bunning this week as he called for the heads — well, resignations at least — of Hank Paulson and Ben Bernanke for effectively nationalising the US mortgage market.
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The US Treasury’s rescue plan for Fannie Mae and Freddie Mac was aimed at restoring confidence in the mortgage market at the epicenter of the global credit crunch and it might have been expected to calm other markets both suffering and benefiting from the turmoil. For one borrower sector, the sovereigns, supranationals and agencies, that hasn’t happened yet and it’s very much business as usual.
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The ECB’s cautious tinkering with its rules for eligible collateral risks prolonging the transition to normalised origination and funding operations.
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Monoline insurer MBIA’s agreement to reinsure FGIC’s $184bn municipal bond portfolio gave its faltering rival a little breathing room and boosted its own chances of early release from the emergency ward. FGIC, though, is going to remain on life support for some time yet.
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India, in dire need of infrastructure investment, has done much to restore confidence in project financing since the Enron-sponsored Dabhol debacle in 2000. The $1.2bn Jhajjar project — the first big foreign foray into the sector since then — will test that confidence, but it is already high time that international bankers put the past behind them.
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Commerzbank hopes that the combined investment banking business resulting from its merger with Dresdner Bank will result in a punchier, more ambitious version of the strategy it has successfully pursued over the last few years. By slimming down the combined investment bank’s activities, Commerz is sticking to what it knows and presenting a model fit for today’s chastened capital markets.