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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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Having to widen guidance on a benchmark bond issue is not something any conscientious — or proud — European government wants to do. Full marks, then, to Belgium and Greece for paying up last week rather than alarming the markets by pulling their deals. Each was rewarded with a successful Eu4bn issue.
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Rogue traders are never going to be eliminated: human ingenuity makes that impossible. But regulators and financial markets leaders need to make sure the industry genuinely learns from such catastrophes. After all, it could be your bank next.
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Piling into the emerging markets is a dangerous strategy for investors and bankers looking to escape from the downturn in Western economies. While EM economies and companies are growing fast and becoming ever more powerful, the view that they have decoupled from Western markets, thanks largely to their own sources of growth, has yet to be tested.
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This week’s sell-off in Asian equities may be a long-awaited correction, but it does not mean stocks are now cheap.
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Fortunately for European companies, the syndicated loan market is still functioning at something approaching a normal rate. But it has lost its former fluency — deals are harder to do and difficult choices have to be made between different syndication strategies.
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The UK Treasury’s proposal to sell £24bn of bonds securitising Northern Rock’s assets has the virtue of recognising that they will need to be fully government-guaranteed to tempt investors. But the Treasury will be on much shakier ground if it tries to claim any risk has been transferred to the private sector.