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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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The SSA sector is set for a flying start to 2008. But until second and third tier European banks start issuing, the bond market cannot be said to have put the credit and liquidity crises behind it.
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The UK chancellor has announced plans to smarten up the banking regulatory system to make sure there is no repeat of the Northern Rock disaster. The plans to strengthen deposit insurance and liquidity supervision are steps in the right direction — but that was obvious. If Alistair Darling gets the detail wrong, the whole thing could be useless — or worse.
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So far at least, investors are unfazed by Kenya’s rapid descent into ethnic violence in the wake of the country’s contested election result. But at a time when many investors and banks are betting heavily on the emerging markets to counter the predicted slowdown of key Western economies, the dangerous situation in Kenya must be seen as an important warning to investors of just how quickly a developing country can fall from grace.
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The leveraged loan market is extremely sick and needs some intensive nursing if it is to return to anything close to the ultra-competitive market it was this time last year.
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The credit crunch has been created by the illusion that risk did not exist. The US government, central banks and other policymakers should not try to use similar sleights of hand to protect the markets. A reality check is coming, and the market needs to face up to it: otherwise, there will be worse to follow.
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It’s been a grim second half of the year in bonds and loans, but equity and M&A bankers are still coining it in. Will their revenues be enough in 2008 to hide the shortfalls in fixed income? Dealogic suggests the odds are finely balanced.