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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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If mortgage backed securities give regulators nightmares, no one had better tell them about constant proportion debt obligations. These are some of the scariest beasts in the structured credit jungle — at least in terms of complexity. One has just defaulted — but market participants believe it may be an isolated case. EuroWeek’s view: be informed, and tread carefully.
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Eksportfinans’s decision to pull a Eu1bn two year bond last week perturbed the triple-A bond market: that sort of thing just isn’t supposed to happen in the best circles. Better handling of the deal might have helped, but there is no cause to detect either incompetence or a drastic failure of demand. Rather, the episode shows how deft issuers have to be in tricky markets.
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Russian companies and their European lenders are convinced the first quarter of next year will be a bonanza for Russian syndicated loans. But banks are still far from clear of the US subprime mortgage crisis, and borrowers and underwriters may find appetite for these deals much scarcer than they expect.
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Western bankers used to wince when they were asked to transfer to Asia. But the latest round of job cuts will leave them wishing they had jumped at the chance.
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British Telecom was criticised for paying 40bp over its credit default swaps to issue a five year euro bond last week. Actually, this was a smart deal, even on its own terms. With the market tanking this week, it even looks prescient.
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In good times, corporate borrowers shun the MTN market. They don’t need much money and it’s just not worth the hassle. But in the present market, they can find cheap funding in surprising places. Expect a return of the corporate MTN.