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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 rating agencies are useless — and not only that, they’re all foreign. That was the level of criticism from some MPs last week. If the UK wants to remain a leading international financial centre, that kind of attitude has got to go.
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Do you feel like venting your spleen? Have you no idea what went wrong with subprime mortgages, the credit crunch or Northern Rock? Step this way, sir, the TV studio is waiting and the world is longing to hear your views.
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A fortnight ago, vigour seemed to be returning to the European securitisation market, with deals for GMAC and Volkswagen. But the secondary market has sickened again, and only a drab sequence of investment banks’ in-house deals is coming out. It looks like being a barren quarter.
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Reports of Citigroup underwriting a $70bn loan for BHP Billiton are probably exaggerated. But if at some point BHP does come to the loan market to finance a bid for Rio Tinto, the deal is likely to be well received.
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The banks backing MLEC, the planned $75bn superconduit to help out struggling SIVs, have agreed on how they want to structure it. But the hard part will be actually making it work — above all, convincing SIVs that it is safe to use.
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The storm sweeping through credit markets has already brought down some trees in the capital markets forest — and some of its great oaks have been seriously weakened. The upheaval will give thrusting new players that have avoided damage a chance to come to the fore.