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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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IFRS has brought many positives to the capital markets, transparency being one of the main benefits. But as the IKB bailout in particular and the subprime crisis in general show, complete transparency via the mark to market mechanism has its downsides — especially in the illiquid structured credit market.
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While the leveraged finance markets in Europe and the US freeze, private equity funds and bankers should turn their attention to the warmer climes of Asia where the LBO market is wide open for business.
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The US market is pricing in an 80% chance of a rate cut by the Fed next month as a result of the liquidity crisis, but it is likely to be disappointed. Ben Bernanke is a man obsessed with inflation and he will not allow a crisis created by excess leveraged lending and naïve investors to divert him from his tough anti-inflationary course.
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When credit investors are fleeing risk, bonds in fringe currencies, from the Canadian dollar to Russian rouble, might be expected to suffer first. In fact, these markets are among the healthiest bond sectors, and look set to stay that way.
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Monday’s 6% slump in Singaporean financial stocks is one of the biggest overreactions since the subprime mortgage turmoil began.
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The German government-coordinated bail-out of IKB proves that Moody’s was right to make implicit state support a pillar of bank ratings. Right? Wrong. The debacle shows that rating agencies can only guess what might happen.