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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 flood of post-summer European corporate bond issuance has so far been comfortably absorbed by investors, largely thanks to realistic borrowers pricing deals to sell. European borrowers, it seems, are growing up and becoming rather like their US peers.
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European Central Bank councillors at the weekend gave their starkest warnings yet that the current arrangements for liquidity provision will be tightened. The ECB needs to tread carefully — while some ‘abuses’ are indeed storing up problems, others have had a benign effect and should be encouraged.
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Romania is looking to follow is neighbours Poland and Hungary into the Samurai market. But bankers away from the proposed deal say it smacks of opportunism and a reluctance to pay the premium required for a liquid benchmark.
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Surging inflation, declining growth and a government on a collision course with Russia hardly provide an auspicious time for Ukraine to bring a zero-fees Eurobond. Time for stiff shots of horilka all round.
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Bankers working on a $15bn request for proposal from Anglo-Swiss mining group Xstrata favour a club deal instead of an underwritten facility. That shows just how difficult the syndication process remains, even for the best borrowers.
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In its attempt to ward off the unwelcome bid from bearings group Schaeffler, Germany’s Continental has put on an impressive show demonstrating how strong its banking relationships are.