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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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There was a good reason why IKB and SachsenLB were brought low by their asset backed CP conduits, and why other banks need not be. They had simply let the conduits get far too big, relative to their own balance sheets.
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“May the hinges of friendship never rust, nor the wings of love lose a feather.” If the syndicated loan market was in need of a motto, it could do worse than adopt this old toast. It might just remind a few bankers who have recently forgotten about the loan market’s core values and strengths.
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Structured investment vehicles and Siv-Lites won high ratings, based on assumptions about liquidity that turned out to be wrong. The rating agencies must find a new approach to liquidity to avoid such problems in future.
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The asset backed commercial paper market was protected by a complex defensive wall. So why has it been overrun by illiquidity in a few weeks? The defences were in the wrong place. No one foresaw a pincer attack by credit risk and illiquidity at the same time.
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Deutsche Bank was savaged by rival dealers for paying 65bp over swaps for senior money. Deutsche was spoiling things for other issuers by paying so much, they said. No: Deutsche was just being realistic, and others had better get used to the new spreads.
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Most agree that September will not offer the usual bonanza of deals in the European corporate bond market. But nor need it be a barren month. High quality issuers that can nip into the market quickly will have a good chance of successful execution.