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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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European corporate bond issuance has fallen quiet, as issuers prefer to sit out volatile markets rather than pay a premium. They may soon wish they hadn’t been so fussy.
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Rosneft refused to issue its $2bn-$3bn bond last week because it could not price flat to Gazprom. This arrogant and unrealistic approach to the market smacks of hubris.
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By winning a mandate to lead Vietnam’s second global bond, Barclays Capital is punching above its weight in a frontier emerging market.
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While the credit market has sunk equities are buoyant. Which one is right? We won’t know until their battle over leverage and how it should be priced is won.
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The CLO market needs to clean up its image. A good place to start would be deal pricing: official spreads rarely reflect where deals are actually sold.
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The Asian bond market in crisis? Not likely. For proof, look no further than China where a debut property developer has managed to pull in a 50% oversubscription on a $400m issue.