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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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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.
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Forty-two foreign issuers have applied for permission to sell bonds in Thailand’s domestic market. Today, regulators approved just 15 of them for the next six months. That is a sensible policy — the market is increasingly attractive to borrowers trying to cheapen and diversify their funding sources, but a stampede today would be in nobody’s long term interest.
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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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In all the arguments about reforming the rating agencies, so far very little serious attention has been paid to the most difficult issue: how ratings should be paid for. Those in authority are right to leave this till last, but should not duck the issue. There is a strong case for the agencies to be mutually owned by large groups of investors.
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Reports that private equity groups have lined up about £1.9bn in debt backing the potential buyout of Informa, the UK business publisher and conference organiser, show that the European leveraged loan market has taken another step on its gradual, though nervous, recovery.
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Monoline bond insurers hit by the credit crunch, from MBIA and Ambac to the smaller and more troubled FGIC, XLCA and CIFG, are struggling to escape from billions of dollars of CDS contracts at vastly discounted prices. Their counterparties also want a deal — because the threat is that regulators will leave them with nothing at all.