Top Section/Ad
Top Section/Ad
Most recent
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
More articles/Ad
More articles/Ad
More articles
-
One year on from China’s stock market wobble, the country’s Securities Regulatory Commission’s warned this week against irresponsible share sales fearing further listings could imperil the future of its equity market.
-
With many European and US banks still licking their subprime wounds, borrowers in eastern Europe are turning to Asian and other eastern European banks to finance their loans. This is a welcome shake-up to the market, but such demand will remain marginal: for borrowers with big financing needs there is no substitute for the familiar loan powerhouses.
-
The publication of 2007 results by leading banks was widely expected to be a watershed. With the subprime damage all out in the open, market participants believed, confidence would return and credit markets would be reinvigorated. That moment has come, but it is abundantly clear that the market crisis is not over. Recovery will take a long time, and things could still get worse before they get better.
-
Since securitisation was at the centre of the US subprime mortgage market’s collapse, it is easy to think things would all have been different if covered bonds had been used instead. But covered bonds as we know them could not be used to finance subprime mortgages. Covered bonds have many merits, but solving the US mortgage market’s troubles is beyond them.
-
Predictably, the knives are out for Alistair Darling and the UK government for nationalising Northern Rock. But most of the criticisms are hollow. All along, the government has done pretty much the sensible thing in very difficult circumstances. It is a pity the Virgin deal did not come off, but the government’s plan to nurse Northern Rock back to health itself should not be dismissed out of hand.
-
Options for the monoline insurance business are closing fast. Splitting their municipal bond and structured finance functions into separate companies may now be the only viable course of action. But structured finance investors will justifiably hate it — expect a storm of lawsuits.