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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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A striking feature of the debate over the deepening credit crisis is the absence of one formerly ubiquitous voice: that of the International Monetary Fund. Despite the likely impact of financial turmoil on economic stability in developed and emerging economies alike, the Washington-based multilateral institution has been conspicuously absent from the public debate on the subject.
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For months primary bond investors have lived in fear of the credit default swap market — taking their cue for pricing from CDS prices. But there are signs, in both the US and Europe, that bond investors may be trusting their own judgment again, and buying deals irrespective of what CDS are doing.
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Under intense political pressure, the rating agencies have suggested giving asset backed instruments a different rating scale from unsecured credit. This would not only stigmatise securitisation, but undermine the integrity and benefit of the whole rating system.
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China could become the next subprime. This is the view of a small but growing number of investors and analysts who warn of the perils of blindly trusting in the Chinese economic miracle, even though hard information is very often wanting or unreliable.
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Credit Suisse has angered its fellow underwriters on the Harrah’s leveraged financing by selling some of the debt quietly, rather than preserving unity and holding on. But with the market this bad, normal etiquette is bound to be suspended — it is every bank for itself.
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The need for investment banks to individually reform their bonus policies and recapture the goodwill of investors is apparent. But how should they do it? One approach that could help the outside world understand how banks work is to treat revenue producers’ pay differently from managers’.