Quotes of the month
"We are trying to actualize a market that has been very much talked about but primarily theoretical"
Deborah Zurkow, managing director and head of infrastructure debt at AllianzGI (see Institutional buyers jostle for position in new infrastructure debt market)
"I’m not convinced that we’re at the start of a boom in large-cap buyouts to the extent that we saw in the 2003-05 period when buyouts got bigger and bigger, culminating in the size of transactions we witnessed in 2007"
Lionel Assant, European head of private equity at Blackstone, warns not to read too much into a handful of recent LBOs
"Long Treasury rates are probably 100bp lower than they otherwise would be because of Fed buying. When the sole buyer responsible for 100bp of lower yield stops buying...then what? This is a completely different exit situation from 1993/94 when the Fed shifted from lowering short rates to raising them"
Andrew Morton, global head of rates at Citi, warns of the potential dangers of a shift in policy in the US (see The threat from rising rates)
"This year will be for European loans what 2012 was for the US loans"
Denis Coleman, head of European leveraged finance at Goldman Sachs, sees a busy time ahead — and a possible rebirth of the European CLO market (see Are European CLOs back from the dead? )
"We will have a world where we have liquid local debt capital markets for local currency and international markets for foreign currency. Why would anyone go to the trouble of a local-currency global product?"
Chris Gilfond of Citi sees a more domestic future for Latin American DCM (see Indian summer for LatAm debt markets? )