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As an important step in its revival, the CMBS market should rightly celebrate Goldman Sachs’ sale of bonds backed by Italian shopping centres. But the market has not yet played to its strengths and engaged with the more highly levered parts of the property market.
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The post-crisis era, in which ABS investors have been highly rewarded for taking minimal risks, is coming to an end. Spreads in peripheral and non-core bonds have raced in, more accurately reflecting the underlying risks involved. It’s time for regulators to follow suit and ensure new rules do the same thing.
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The post-crisis era, in which ABS investors have been highly rewarded for taking minimal risks, is coming to an end. Spreads in peripheral and non-core bonds have raced in, more accurately reflecting the underlying risks involved. It’s time for regulators to follow suit and ensure new rules do the same thing.
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According to Barclays analysts, EM bonds are going to have a bumper year for issuance next year. But that flies in the face of every warning that syndicate and origination officials are giving about the likely fragility of the EM primary bond market in 2014.
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The high yield market has a new risk: long-dated bonds. Unitymedia's daring €475m 15 year deal opened a new frontier for the high yield market. Bankers say not every company could issue that long, but you can bet they will think about trying to repeat the deal. Investors, however, should be on their guard.
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After record volumes in 2012, there were many CEEMEA bankers who doubted that their bond market could match such numbers this year. But there are compelling reasons to think that CEEMEA issuers are about to set a new record.
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As any politician knows, statistics are a very useful tool for making any point you like. This must have now become apparent too to ABS and covered bond bankers who are scrutinising the European Banking Authority’s analysis of liquidity in their two markets — analysis that may have raised more questions than it answers.
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Morgan Stanley’s Andrew ‘Babyface’ Salvoni threw Blog into a state of confusion by revealing that he had just celebrated a ‘landmark’ birthday by going bowling with his friends.
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Only 17% of high yield companies in Europe, the Middle East and Africa with first time ratings given since 2010 achieved their profit forecasts for the first year after rating initiation, Moody's has reported.