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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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Securitisation investors have got used to placid markets, spread tightening and a constant pumping out of deals. European issuance might still reach Eu500bn this year, but several years’ spread tightening has been reversed.
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Problems in isolated sectors have sent all the main bond markets into a frenzy of selling and anxiety. Why has most of the loan market remained placid as leveraged finance crumbles? The answer lies in one word: relationships.
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Reared on a diet of triple-A issuers, structured note investors have recently begun to buy a lot of notes issued by the dealers themselves. But will they flee, now that the investment banks’ credit spreads have been shot to ribbons?
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At a time of global uncertainty, it is tempting to see China as the panacea — even, a safe haven. Investors should not be so unwary: risks of economic weakness or a stockmarket crash remain.
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Arrangers of the £9bn loan to back Alliance Boots’ leveraged buyout are having a tough time syndicating the deal. Like banks bookbuilding a bond, they are moving the price to chase demand — will the technique catch on in the loan market?
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The failure of Metronet’s concession to upgrade part of London’s Tube network shows the sceptics were right: public-private partnerships transfer only limited risk to the private sector.