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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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Trying to make sense of the Chinese government’s liberalisation plans for its domestic capital markets can be tough. But the recent message is crystal clear and is likely to disappoint bankers hoping for more deals: controlling inflation takes precedence over developing the market.
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2008 will be remembered with a shiver by many in fixed income as a year of frightening turbulence. But it will also come to be remembered as a watershed. The large number of high profile departures from the market — for a wide variety of reasons — will mean that when the storm clouds clear, the Eurobond market will be in the hands of a new generation of bankers.
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A group of trade associations for the European securitisation industry has presented a string of initiatives to the European Commission, aimed at increasing market transparency. Unfortunately, the most important recommendation — making investors assess and value deals independently — will be almost impossible to implement or enforce.
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Banks are preparing to introduce to Europe’s syndicated loan market a new technique from the US — linking loan pricing to CDS spreads at the time of drawdown. This would go even further than the bond market in making pricing market-driven. If borrowers object to this as potentially volatile and unpredictable, they will have to stand their ground and fight.
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A bond issue last week that should have been a blowout instead ended in disappointment and disarray. So what went wrong with Vedanta Resources? The borrower had too many bookrunners, which led to poor communication, over-aggressive initial price guidance and a weakly trading deal in the secondary market.
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The migration of financial talent to the Middle East is accelerating. Almost every day brings news of a top banker moving to Dubai or Bahrain, or a new financing deal or investment of mind-boggling size. Is this just a bubble blown by $140 oil? Not at all. You ain’t seen nothing yet.