The ABS market needs to stop playing the grumpy old man reminiscing about better days. Next week’s Global ABS conference may be still paying penance in Brussels, rather than frolicking in its more glamorous former home of Barcelona, but this does not mean the market must behave like a self-flagellating mendicant. read more »
The strategic review at Royal Bank of Scotland’s markets division owes as much to politics as it does to pragmatism. read more »
The European leveraged loan market is proving its resilience. While investors flee the high yield bond market, new liquidity in the leveraged loan market continues to grow as European CLO issuance rumbles on. The steadfastness of these leveraged loan investors is a clear testament to the market’s true strength. read more »
The Republic of Latvia has become the latest issuer to enter the warm embrace of a medium term note programme. With central and eastern European credits offering an enticing prospect for private placement investors, other countries from the region should follow suit. read more »
The sharp sell-off and big outflows from funds in Europe and the US have stripped the shine off the high yield bond market. But after a first half that featured record low pricing, net fund inflows and a wealth of looser structures, the pull-back should be seen as a useful return of discipline. read more »
Until US Federal Reserve chairman Ben Bernanke brought an end to the party, Asia’s dollar bond market was overdosing on high liquidity, low yields and — some would say — a disregard for credit fundamentals. The current pause offers a chance for sober reflection. read more »
Political protests in Turkey should hold no fear for supporters of Islamic finance in the country. The hard work has been done and the product looks set for a big future. read more »
Europe’s high yield market, which has enjoyed one of its longest unbroken runs of favourable market conditions since last September, has hit a nasty rough patch. After all the triumph over unprecedentedly low coupons and a record first half of issuance, the music has not quite stopped — but it has been turned right down. read more »
FIG debt continued its lurching ride over market volatility this week, as bankers and other market participants struggled to understand the increasingly complex dynamics behind demand and supply in the sector and tried to gauge what the future could hold, write Will Caiger-Smith and Tom Porter. read more »
Private placements could help fill the breach left by a dearth of deals in the public markets, with issuers and investors dusting off their structured note manuals and eyeing up deals that had fallen by the wayside in recent years, writes Craig McGlashan. read more »
New UK takeover rules and the decline of old City values have contributed to another big-ticket bid failure in Europe’s M&A market, writes David Rothnie. read more »
Investors in Turkish financial assets were rightly alarmed this week when Prime Minister Erdogan warned them: “Those who tried to let the stock exchange collapse — if it collapses, you will also collapse with it. The moment we discover speculation, we will ram it down your throat.” read more »
Royal Bank of Scotland has unveiled plans to accelerate the reduction of its investment banking business, just one day after the bank announced that CEO Stephen Hester would leave the firm at the end of the year. read more »
Rolls-Royce, the UK aero-engine maker, sold its first bonds since 2009 on Tuesday, relying on the rarity and cachet of its name to ride out a volatile day in the market. read more »
Alcentra has priced the seventh European collateralised loan obligation — the JP Morgan-arranged Jubilee 2013 X — of the year this week, with Alcentra understood to be taking down a vertical slice of the bonds to comply with the European Banking Authority’s proposed changes to the 5% risk retention rule. read more »
The deepening sell-off in emerging market bonds has thrown Dubai’s economic recovery under suspicion, with suggestions that the emirate may be in for another bumpy ride. read more »
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