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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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Governments like Italy and Spain pay three times more fees to their bond lead managers than Poland or Ukraine do for equivalent deals. Who has got it right? Bankers hate it, but there is little hard evidence that the market’s penny-pinchers are suffering for their meanness.
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Barclays has mouthed some reassuring words to the stockmarket about its subprime exposure, but investors have had no hard numbers since June 30. If Barclays’ performance has been as good as Bob Diamond says, the bank could have avoided a lot of pain by telling the market sooner. And if the results are bad, the market is going to bay for blood.
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Investors are eager to know how, if at all, Argentina’s new president, Cristina Fernández de Kirchner, will alter her husband’s policies. An early test will be whether she ends the government’s apparent meddling with the national statistics body, which sets the official inflation rate.
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Banks and securities firms have so far borne the brunt of the credit crunch: in their profits, in the stockmarket and in their funding costs. But soon, the banks’ pain is going to force them to bite their corporate customers.
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Banks have given their shareholders a rough ride this year. But the banks are the same beasts that gave them rich profits in previous years. The lesson of the credit crunch is not that banks should take more or less risk — but that shareholders and top executives need a clearer idea, and more honest assessment, of what risks they are taking.
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Securitisation has begun again in Europe, after the destructive waves of this summer’s credit storms. GMAC RFC has shown deals can be done again — and that, for non-bank issuers, they are worth doing. But bank issuers are likely to be a much rarer species from now on.