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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 covenant-lite loan backing the buy-out of Singapore’s United Test & Assembly Center is being hailed as a landmark deal for Asia. But in reality the deal has little to do with the Asian leveraged loan market.
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Santander’s Eu3.7bn tier two capital raising last week was tripped up by a documentation issue amid worsening market conditions. But the issuer could have helped itself by handling the sale more adroitly.
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The roll call of senior investment bankers sacked or leaving their posts this year is getting longer. The purges and departures may be cruel, but show that the industry is taking responsibility seriously, and sending the right message to junior staff.
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Just as it reopened the euro senior debt market for banks at the end of August, Deutsche has done the same in Swiss francs. This time, there has been less criticism that it is overpaying, and more praise for re-establishing the market.
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Bank of America, Citigroup and JP Morgan’s new $75bn fund to bail out SIVs is something that hasn’t been seen for a long time: a positive story from the structured finance market. The fund may not solve many of the problems of SIVs or ABCP, but at least it looks like a brave try.
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UK chancellor Alistair Darling has shot himself in the foot politically with tax changes designed to hurt private equity. Private equity funds will be fine — they are smart enough to sidestep the measures. The changes may not be a bad thing, but Darling should have consulted business properly.