Bank Loan Report articles from July 2003

Bank Loan Report archives from July 2003

PBanks Mope About First Half and Hope For Better Second.
July 7, 2003... The bigger they are, the further they fall. At any rate, that's the message emanating from the US syndicated loan league tables for the first half of the 2003, when loan syndication king JP Morgan saw its overall proceeds volume plummet 28%...

Bank Market Saved By Relative Value?
July 7, 2003... For years, the investment grade debt loan market has been trying to grapple with fewer banks choosing to participate in deals, when their credit analysis concludes that the return doesn't warrant the risk. But a new "relative value" structure...

Utilities Get a Breather with Refis.(debt refinancing)
July 7, 2003... Debt-heavy utility companies came under tremendous pressure last year, as concerns about their ability to refinance weighed on investors minds. But the strength of the market over the past six months has enabled even the less creditworthy...

Loan Ratings Are Affecting Companies' Ability to Raise Cash For Project Financings In Tougher Credit Environment.
July 7, 2003... The days of raising money easily are long gone, be it for straight syndicated loans or to finance projects. These days, "a company can no longer raise $700 million with a simple phone call," said Arthur Simonson, a director in the...

Credit Derivatives: Can a Growing Market Meet A Growing Challenge?
July 7, 2003... The growth of the credit derivatives market over the past few years has been beyond most expectations, and it looks set to keep on growing. However, in this next phase of its development, the credit derivatives market will need to...

In the Case of Mirant, Banks Still Reign Supreme.
July 14, 2003... Mirant bondholders' midnight vote July 14 will determine whether or not the Atlanta-based energy firm skirts bankruptcy, but either outcome reveals that banks are still in the driver's seat despite the unsecured position they held. ...

HY Rankings Show Double The Fun.(high yield)
July 14, 2003... The US high yield market certainly had a great run in the first half of 2003. More than $20 billion poured into monthly reporting high yield mutual funds, according to AMG Data, and banks generated a whopping $66.5 billion in total...

Power Projects Keep Latin America Alive.
July 14, 2003... The trials and tribulations of Latin American politics and economics have kept many bankers and sponsors at a distance from the region - but not when it comes to power projects. That sector has remained active over the past year, and there...

Corporate Rating Halfway Through 2003: Not As Bad As Last Year.
July 14, 2003... The credit health of corporate America has continued to worsen through 2003 but at a slower pace, as capital-flushed lenders have opened their arms to borrowers. Nevertheless, there are few signs that borrowers' credit fitness and demand for...

Calpine To Price $3 Billion High Yield Bond.
July 14, 2003... Despite the travails of the energy sector, Calpine Corp. has received a whopping roughly $3 billion in orders for its new offering, which was expected to price at press time last Thursday. The as-yet unrated roughly $3 billion transaction,...

Mirant's Failed Restructuring: Rumors Point to Citigroup.
July 21, 2003... The world is awash in conspiracy theories today, so it's no surprise that the collapse of negotiations among Mirant's bond and bank lenders at the 11th hour has spawned a doozy. Sources were averse to giving their names to the theory, which...

BofA, Bank One Post Derivative Losses.
July 21, 2003... Two of the largest syndicated lenders - and presumably largest users of credit derivatives - reported significant market-to-market losses in the second quarter on credit derivatives used to manage their loan portfolio risk. In 8K...

Barclays Focuses On Investment Grade.
July 21, 2003... Barclays Capital, the investment division of Barclays Bank, has been making strides in the US loan industry over the past two years and has been increasing its market share by serving as lead arranger on several key investment grade...

Several Months after Dex Media East, QwestDex West is Ready to Go.(leveraged buyout of Dex Media West is ready to begin)
July 21, 2003... The second piece of the leveraged buyout of Qwest Communications' directory services, the $4.3 billion sale of Dex Media West by private equity owners Carlyle Group and Welsh Carson Anderson & Stowe, is gearing up for launch. The first...

Dobson Bets on American Cellular Restructuring.(Dobson Communications Corp.)
July 21, 2003... Last week, American Cellular (AC) and Dobson Communications announced their plans to restructure AC's $1.6 billion in debt, including the full repayment of the company's bank credit facility. But while bondholders of both companies seemed...

Bank One: Meet Another Aspirant for the Bulge Bracket.
July 28, 2003... Bank One intends to be more than just another short-term success story. After all, this year has been a kind one for nearly every bank on the block, especially those with booming debt and loan operations like Bank One. Yet its executives...

Dynegy Won't Be an Easy Sale.
July 28, 2003... Dynegy Inc. expects to price a planned $1.5 billion offering of senior secured notes early next week, and proceeds from the sale will be used to refinance debt. Dynegy also announced that ChevronTexaco Corp. has agreed to restructure a $1.5...

Fridson Creates Default Rate Rankings.(FridsonVision)
July 28, 2003... Underwriter league tables are bound to upset some, regardless of the criteria used to compile them. Thus far, the easiest and most common method of putting together league tables has been to rank underwriters either by the number of deals they...

Telecom Companies are Back in the Loan Market, Hoping to Take Advantage of Increased Investor Appetite for New Paper.
July 28, 2003... The bustling syndicated loan market is attracting players that would have had a tough time not too long ago, among them telecommunication companies. Several are bouncing back, confident they will do well in the current loan market as a...

Fitch Ratings Launches Bank Support Ratings.
July 28, 2003... Fitch Ratings has launched a new support ratings system for the 1,264 banks it currently assesses. These kind of ratings are totally new to the industry, the credit rating agency said. They are based upon an evaluation of the probability...