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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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Lenders chastened by the credit crunch are getting irritated by emerging market borrowers that still want cheap money. But who can blame them — for years the banks were throwing money at them.
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The Bank of England has done what market participants had been clamouring for, and accepted highly rated bonds, notably MBS and covered bonds, as repo collateral. Now it should make that policy permanent.
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The Federal Reserve’s 50bp rate cut was the perfect present for a market that had prayed for it — and the market has been duly grateful, behaving itself impeccably for a whole week. But any problems that could be cured that easily probably weren’t really so serious.
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The shape of the new post-crisis European loan market is beginning to emerge. Cautious structures are being used to avoid market risk in syndications, and the leveraged finance market has been knocked back to 2004 levels, at best.
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The run on Northern Rock began in the capital markets, and that is where the blame for it lies. Market participants need to ask themselves whether the risk-aversion that left Northern Rock without funding has actually helped the markets.
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A class action lawsuit brought in California against Morgan Stanley alleging unlawful structured note sales might not go anywhere. But it does ask awkward questions about the proper levels of disclosure in structured note sales.