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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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Despite all the pain financial institutions have undergone in the past six months, some of them still believe they can delay coming to the bond market and expect to get better spreads later. This is folly. Spreads have done nothing but widen since last July, and there is every reason why they should slip further. Financial institutions should issue sooner, rather than later.
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As Arab and Asian states this week threw another multi-billion dollar lifeline to Wall Street, financial markets looked on with a mixture of awe and disbelief at the sheer scale of what is taking place.
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Official figures show asset backed commercial paper markets on both sides of the Atlantic have stopped shrinking and begun to grow again. This ignores the large amounts of SIV paper that are still outstanding — but held by banks. The real market is much smaller than the figures suggest.
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The first full week of 2008 was busy for niche currency Eurobond issuance — but it needed to be. A large quantity of bonds in these currencies mature in January, and to keep on track for their funding targets, issuers need to sell a lot more deals this month.
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Rabobank’s status as one of the world’s few triple-A banks has given it a unique position near the top of the credit pyramid. But right at the moment, that is an awkward place to be. Rabo proved last week that it can still fund at fairly tight spreads (though nothing like last year’s) — but can it raise the volume, now that credit investors are chasing after much fatter yields on weaker banks?
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Leaks suggest Goldman Sachs is advising the government on a plan to securitise its loans to Northern Rock. Since the market is not buying the bank’s risk, any deal would need guarantees — from the state and/or insurance companies. But the more support there is, the less the deal would take risk away from the government.