Despite these signs, liquidity continues to remain well short of pre-GFC levels as supported by the existence of range bound pricing, tighter structures and covenants and relatively short tenors on offer whilst the global landscape continues to show that investor confidence remains fragile.
- Burgeoning public debt levels in developed countries combined with macro shocks highlight the need for continued caution in credit markets.
- Margins to remain range bound for the foreseeable future as refinancing volumes continue to be a focus and capital remain selectively held.
- Negative growth in foreign bank loan books continue.
- Securitisation market showing new signs of life.
- The funding gap remains as alternative forms of capital continue to be considered.