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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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Last week’s announcement that Chinese retail investors will be able to invest in Hong Kong-listed shares for the first time will increase volatility in the Hang Seng Index.
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The present system of rating agencies has served the capital markets well, and glib criticisms should be ignored. But as long as they are paid by issuers, the agencies will be open to attack. Regulators should examine whether they could be purely investor-funded.
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Blaming the rating agencies for the US subprime mortgage crisis is like blaming the government for allowing you to get drunk. The agencies control quality and write health warnings, but the ones selling and buying the hard stuff are banks and investors.
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So far, there is no reason to be alarmed about the health of the UK subprime mortgage market. Credit quality has weakened a little, but not much — and lenders are taking the hint from the US and tightening standards.
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With public bond markets likely to stay volatile, a long-neglected market is about to enjoy a revival. Unstructured, plain vanilla private MTNs are likely to prove a vital funding channel for cash-strapped issuers.
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Trade buyers are back in business. For the last four years they have had to compete, unsuccessfully in many cases, with private equity sponsors who had cheap and easy access to the debt markets. Now, with the European and US LBO markets all but shut, trade buyers are back in the driving seat.