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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 EBRD is in danger of being a victim of its own success. Many of its countries are passing out of its remit as they reach the promised land of the EU while others have such vast currency reserves and wealth that it is becoming increasingly hard to justify the development bank’s activities there. It’s time to wind the development bank down.
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Kohlberg Kravis Roberts’ recent alterations to the documentation of the debt backing its buy-out of Northgate Information Solutions and decision to plough profits back into its Alliance-Boots business highlight the good, the bad and the ugly images of private equity.
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Simon Meadows, head of global foreign exchange sales and head of securities account management at Credit Suisse in London, is set to quit banking after spending almost a quarter of a century in the bond business.
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HBOS’s first RMBS since last summer has triggered much optimism in the structured finance market, but as the cliché goes, one swallow does not make a summer.
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New disclosure rules for monoline insurers should be welcomed by investors despite the short-term risk of unpleasant surprises. In the long term, transparency should help the industry regain the trust of the markets.
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Horst Köhler, German president, heated up the debate over the credit crisis last week by attacking financial markets as a monster. The markets’ unacknowledged champion, Deutsche Bank CEO Josef Ackermann, hit back a few days later, saying the crisis would soon be over and banks should not be demonised. Much of what he said may be right, but it would be more persuasive if he had not led calls for the public sector to bail out the financial markets.