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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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Private bonds have become all the rage in Asia these days, as arranging banks look for some solace from the grim public markets. The deals may offer fat fees, but that doesn’t mean banks can afford to ignore the public market.
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There is a good chance that SG may yet remain independent, but if it is swallowed up by BNP Paribas, Crédit Agricole or both, it could be bad news for French banks. What upside would be left in the shares, with the consolidation dance effectively over?
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Volkswagen Bank has raised Eu1.25bn by securitising car loans. But don’t celebrate the revival of the European ABS market: investors will only buy top quality deals, and hardly any good issuers will pay the kind of spreads they want.
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By allowing itself to suffer the world’s worst rogue trading loss, Société Générale has imperilled its future. But although chairman Daniel Bouton may have to step down once the crisis is past, the best solution would be for SG to remain independent. Market perception of the bank during the next few weeks will be critical.
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Investment bankers may believe the present system of large annual bonuses is fully justified by the profits they bring in. But they can no longer expect the rest of the world to believe them. It is time for banks to stand up and make an honest case for pay policies that they can defend as rational.
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Reeling from horrors in the developed markets, banks and investors are piling into emerging markets, almost with their eyes shut. As Taimur Ahmad of EuroWeek's sister publication Emerging Markets argues, political risk is still very much alive and waiting to bite the unwary.