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Issuer's £280m deal was cleverly marketed
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
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US bank stocks have charged higher since Wells Fargo and JP Morgan reported second quarter results last week with investors seeing signs that the worst of the writedowns and losses are over. But this rally could be mere comic relief —conditions are still getting tougher and many of the banks are not admitting how bad things really are.
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Last week Cheyne Finance, the defaulted structured investment vehicle, sold a fifth of its assets in an open auction, partly to set a value for its restructuring. The bids were not high — 44% of par was the most anyone would offer for a slice of the portfolio — but this was a genuine sale which paves the way for other auctions and goes some way to establishing a bottom for ABS values.
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Private equity funds will not like Standard & Poor’s move to offer full public ratings of European leveraged finance deals over Eu1bn. But they will have to lump it. The ratings are good for the market and over time the funds will get used to them.
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Has it been a dire few weeks for financial institutions in the European bond market? Not for Royal Bank of Canada, it hasn’t. Pragmatic, and with a flawless sense of timing, it garnered a stunning Eu4.2bn of orders for its Eu3bn three year fixed rate issue on Thursday. The real lesson, though, is that other issuers will be hard pressed to match it.
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Standard & Poor’s has proposed that expected rating stability should be a factor when it assigns ratings. Well, duh! What does a high rating signal if not credit stability? This is an obvious measure which should have been done years ago, but S&P nevertheless deserves everyone’s praise for having the insight to cut through the twaddle and make ratings more meaningful.
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Russia is clamping down on its firms seeking to list their shares abroad, in what appears to be an attempt to boost its domestic equity market. But if the country is really serious, it should do more to attract international investors to Moscow