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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 Bank of England has been much derided since the credit crunch began but its £50bn scheme to refinance UK mortgage backed securities looks like a deft piece of central banking. Offering long term finance while keeping risks firmly with the banks, the Bank believes it has not succumbed to moral hazard.
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UBS’s unprecedented mea culpa to its shareholders on its huge writedowns, published last Friday, reveals an unpalatable truth. UBS was not just careless and unlucky. Its risk control over the collateralised debt obligations desk was reckless and shoddy. While UBS was not alone in this, its failure was staggering.
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As the leveraged loan market struggles to get back on its feet after last summer’s near knock-out, few are willing to give it a hand. One quiet ally is the cash-rich mezzanine funds, which are eager to put money into new deals at higher spreads and lower leverage. But arranging banks must remember: mezzanine demand can only go so far in supporting a deal — they will still have to haul in the senior lenders.
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Cries of “saturation!” have started to creep into the Russian loan market, especially as some borrowers, such as Evraz, already want to raise their second multi-billion facility of the year. But there’s hope that the reopening of the bond market for issuers in EEMEA can offer some relief.
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By going against the tide and pricing the first Eurobond from Kazakhstan since August 2007, Halyk Bank defied doubters and silenced all those who said that Kazakh banks did not have access to the capital markets.
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The overhang of unsold leveraged loans is now visibly crumbling. News that Citigroup and Deutsche are selling big chunks to private equity funds will accelerate this process. But since the banks are lending money to the funds to buy the assets, the ‘clean-up’ is a lot less impressive than it appears at first.