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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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Many of the structured credit market’s proudest achievements have been tarnished — or worse — by this summer’s credit and liquidity crunch. But so far at least, credit derivative product companies have been unscathed. The structures could have a lot to offer — but it may be a while before the market is strong enough to contemplate an expansion in their use.
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Stan O’Neal had to go, but Merrill Lynch may lose more than its chief executive. With no internal succession plan, the firm may have to turn to an outsider. Can this person preserve the famous Merrill Lynch culture, while turning the bank round and imposing his or her own ideas? It would be a Herculean task.
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For a while earlier this summer, syndicated loan bankers hoped their market would benefit from price widening after the US subprime debacle. Pricing is certainly wider, but so far the lack of clarity in the market about where the new levels are means it is very hard to do deals — something nobody wants.
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Human rights groups have long lamented the poor wages and working conditions for foreign construction workers in the United Arab Emirates. Things have begun to change: but not nearly fast enough. The present model of treating foreign workers harshly is out of date and unsustainable.
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Once the IMF and World Bank were a channel for patronage — financial and intellectual — from North to South. Now that flow is reversing: the North comes to Washington to seek money, and even to learn, from the South.
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The IIF has weighed in to the debate on whether financial markets need new regulations or practices, after the subprime crisis. The industry should fight its corner honestly, without hiding the real problems or sucking up to regulators.