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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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Regulators have called for the rating agencies to form a trade body to represent them. This would make negotiations on reforming the agencies easier. But the agencies are inherently diverse, even conflicting — some, for example, are only paid by investors. Getting them to speak with one voice may be impossible.
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The European leveraged finance market at last seems to have found a way to begin clearing its backlog of unsold loans in a way that pleases everyone. Arrangers of the Boots and Endemol have managed to coordinate between them and discount deals in an orderly way, without forcing all the bookrunners to participate.
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With oil prices driving inflation across Asia, Hong Kong’s move to facilitate Islamic finance in the territory could provide useful insulation from the global economic chills.
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Hands were thrown up in horror around the City at Bradford & Bingley’s decision to cheapen its rights issue, even though Citigroup and UBS had fully underwritten it. But the real scandal is that B&B could have embarked on such an important transaction as a rights issue without scrutinising its core mortgage business more carefully and communicating the results to investors.
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French banking’s worst kept secret is out: Jean Pierre Mustier, CEO of Société Générale’s corporate and investment banking division is to step down later this year. But what is a surprise is his successor: Michel Péretié, one-time head of fixed income at BNP Paribas and more recently chairman of Bear Stearns International. He will have the difficult task of taking on an institution and culture handcrafted by Mustier. However, being invited to take over by Mustier himself will surely make Péretié’s mission to gain acceptance and ultimately succeed that much easier.
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As the credit crunch deepened last year, banks from the CIS began to look like some of the most unpopular credits for Western banks to lend to. Obstinate on price and suspiciously fast-growing, they smelt of bubble. But this spring a new crop of deals has blossomed. Russian and Ukrainian banks have got the message, increased their pricing a long way, and are raising heavily oversubscribed and enlarged loans. So far, the recovery is impressive — but it has still not embraced the smaller banks.