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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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Royal Bank of Scotland, Fortis and Santander are still favourites to take over ABN Amro at the beginning of October. But if things get much worse for UK banks, their bid — and Barclays’ — may fall apart.
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When Standard & Poor’s warned of the dangers facing the infrastructure finance market from over-leverage, bankers were peeved. Why was S&P attacking a fundamentally safe market? But, danger or not, the agency is right to point out that structures will have to get more conservative in the coming months.
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The financial markets have got what they wanted: the Federal Reserve is almost certain to cut rates next week, probably by 50bp. But that will not cure the markets’ problems — banks need to come clean about all their nasty exposures.
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The asset backed commercial paper market, embattled by fears of subprime exposure, is at last beginning to fight back. Industry bodies are right to argue that the first thing conduits should do is disclose what’s in their portfolios — as fully as possible.
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The crisis in covered bond market-making last week has not been repaired by the European Covered Bond Council’s decision to persist with the system this week. The market should realise commitments are failing, and it would be better served with a freer system.
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The long boom in tier one capital has been fed by some investors that bought the paper imagining that its risks were purely theoretical. Banks would never miss a coupon payment, or still worse, not pay? Well, they might, and investors will have no one to blame but themselves.