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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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Sigma Finance Corp, the $37bn structured investment vehicle managed by Gordian Knot, has fought its way out of several ambushes since the credit crunch began — so far, the King of SIVs is still standing. But now its senior ratings have been cut by Moody’s and Standard and Poor’s. Is this the end of the road for Sigma?
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Ex-UBS president Luqman Arnold’s activist attack on the bank smacks of someone casting around for an idea. Having failed to buy Northern Rock, his firm Olivant needs a new target. But apart from a few reasonable recommendations on corporate governance, his ideas are half-baked. Split UBS? You might as well suggest splitting Switzerland.
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John Reed, David Komansky and Luqman Arnold have attacked the three now ailing banks they used to lead: Citigroup, Merrill Lynch and UBS. Their views are well-informed and interesting, but why are they only speaking up now that it is too late? And talk of break-ups is cheap: the credit crisis shows that firms of any shape and size can fail — and succeed.
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The UN World Food Programme has called on governments for $500m of extra funds to cope with soaring food costs. Without the money, people will go hungry. But although the developed world benefits hugely from the economic growth that has driven up food prices, hardly any states have offered money. It’s sickening when the sum required is so small.
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Conditions for IPOs in Europe are dreadful — the market has almost frozen. But Kenya’s Safaricom and Türk Telekom in Turkey still want to float. Are they foolhardy — or will the deals tempt investors out of their hiding places and prove that there is still a market beneath the ice?
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Corporate bond issuance from EMEA’s emerging markets has been all but zero this year. At last Gazprom is approaching the market with a $1.5bn deal — no minnow. Will it find enough investors still left in the market?