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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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Turkey’s dithering and inflexibility are impairing its effectiveness in the bond market: it’s time for some soul-searching at the Treasury.
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Among the worst hit by the sell-off in emerging market debt last year were Asian investors. They retreated from the market — but are now being tempted back by sensibly priced issues from the right Russian banks. Borrowers must be careful not to breach their fragile trust.
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Barclays’ plans to raise capital without going through a conventional rights issue are typical of its bold, risky management style. Rather than publicly repent the firm’s subprime writedowns and promise to do better, the bank’s leaders have sent out confident messages that all is well, barring a few local difficulties. Strong leadership in a crisis, or ostrich-like denial? The market is about to find out.
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Both the US SEC and the EU are now pushing hard for a tougher regulatory regime for rating agencies. They will get their way — but to whose benefit? The rating agencies already try very hard to be transparent, and have volunteered to tackle financial incentives that could bend analysts’ judgment. Financial markets should not be satisfied with this regulatory fiddling, but should push for change in ratings that addresses their actual substance.
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The battle is heating up over what penalty the US brokers should pay for needing access to the Federal Reserve’s discount window. Remarkably, some voices still argue the dealers can escape being regulated as tightly as banks. That is wishful thinking — their activities affect the whole financial system. If a business is too important to fail, it is also too important to leave alone. And when regulators get tough, the likes of Goldman Sachs will have to accept it just like their weaker brethren.
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Iberdrola, the Spanish utility, has set up a new MTN programme to issue structured notes — something very rare for a corporate issuer. Remarkably, it is outsourcing the treasury function for the programme to Banesto, one of its relationship banks. The initiative’s success is by no means certain, but if it works it could help reinvigorate the structured note market and take banking relationships in a new direction.