Top Section/Ad
Top Section/Ad
Most recent
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
More articles/Ad
More articles/Ad
More articles
-
There is unease in political and media circles about the prospect of sovereign wealth funds taking over large chunks of Western industry, and especially banks. Such fears are vague and ill-informed: SWFs are a very useful source of capital and the law is well equipped to prevent any damaging effects.
-
Last week over $30bn of high grade bonds were priced in the US. The euro market, by contrast, has dwindled to a trickle. US bankers are delighted at this sign that the US market is still streets ahead of Europe in maturity. But a hefty Eu3.5bn issue by GlaxoSmithKline today shows the picture may be more complicated.
-
European securitisation specialists are peeved with Lehman Brothers for pushing big chunks of its residential and commercial mortgage hoard into the market at unrealistic prices. They should lighten up: Lehman may not be creating price transparency, but it is not making anything worse, and clearing its backlog may even help in the long run.
-
Credit Suisse has lent Alliance & Leicester £4bn in a secured warehouse line, silencing chatter about A&L having funding difficulties. If only a bank or banks had done the same for Northern Rock in the summer.
-
Suggestions that European government bonds have been struck by illiquidity, and that states could find it hard to raise finance, are rubbish. Spreads over Bunds may have widened a bit in the flight to quality, but all governments are funding at lower yields than in June.
-
Is the long-feared deluge, when structured investment vehicles collapse in a vast firesale of assets, about to happen? On Friday Moody’s downgraded or put on review a huge swathe of SIVs’ senior debt. So far the market has staved off disaster, and it may be able to for a little longer, but it is time to stop quibbling and restructure — fast.