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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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Mervyn King has poured cold water on the idea of supporting UK mortgage lenders more than the Bank of England already has. Yet he ignores the dire liquidity situation in wholesale funding markets at his peril.
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Should the first Asian corporate loan default of the year by Hong Kong swimwear manufacturer Tack Fat set alarm bells ringing for those worrying about regional borrowers’ fallout from the credit crunch? Perhaps, but any worries that this is the first of many in Asia are misplaced: the default of Tack Fat, a clearly troubled company, is one of a kind.
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The syndicated loan market is fretting about the seemingly never-ending stream of deals for Dubai Inc borrowers. Bankers should take heart from recent successes: on current form their concerns are unfounded.
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China will need more than the Olympics to restore confidence in its financial markets.
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Neither regulators nor banks themselves will be able to prevent the next financial markets crisis but they can, and should, act to prevent contagion and reduce the impact on low-risk investors.
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Sigma Finance looks likely to survive the credit crunch in which its structured investment vehicle brethren have perished. Should anyone care? Yes. Fire sales of SIV assets and losses on their debt may no longer have the same shocking power that they had 12 months ago, but the existence or disappearance of the shadow banking system, of which Sigma is a part, is a crucial element in tomorrow’s banking landscape.