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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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Inmocaral — now Colonial — has been at the centre of a storm in the Spanish loan market this year. No one comes out of it very well, and it calls into question the reliability of bank-borrower relationships
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The disgraced leveraged loan market has finally dared to return to polite society — now that it has something to say other than “woe is me”. Much of the First Data deal was sold, and secondary prices are recovering. But privately, bankers will tell you that it’s a long time before they expect to get rid of some of the big loans burning holes in their pockets.
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The subprime mortgage-related crisis of 2007 has scared a lot of people, and someone is going to have to pay. It looks likely to be securitisation. European finance ministers are getting their heads together to tackle the market. Their minds are not already made up, but the securitisation market will have to get its act together very quickly if it is to avoid being crushed.
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European government bond dealers would be wrong to go cold on EuroMTS just because hedge funds will be allowed to join. They should swallow their disappointment and see if they can make the market work better.
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Kazakhstan’s banks have been among the stars of the European bond and syndicated loan markets in the last few years. Now, they have had a rude shock: pricing has gone up. The banks don’t want to pay up, but they would be wise to recognise their dependence on international markets.
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Last week was a huge one for European corporate bonds, which showed that there is plenty of appetite for new issuance and the market is fully open. But issuers would do well not to rush it: investors are still edgy.