High Yield Report articles from August 2007

High Yield Report archives from August 2007

The Secondary: Secondary Gets Lemons, Hopes For Lemonade.
August 6, 2007... The secondary market fluctuated on bad and not-so-bad news last week, taking a breather from the previous week's meltdown. Mixed economic reports did little to persuade traders to bet long in any direction, and credit market insiders are...

Market: The $270B Question: Can Maturing Debt Refinance?
August 6, 2007... The current freeze on the credit market is not only giving chills to issuers trying to price new paper, but is also sending shivers down the spines of companies whose debt is soon to mature. Particularly at risk are the abundant numbers in the...

BANKS: Mounting Debt Could Mean Opportunities For Some.
August 6, 2007... A top spot on the league tables generally qualifies as a good thing among investment banks. But with the candy comes the toothache, and these days the pain in the head, or elsewhere, takes the form of billions of dollars of unsyndicated debt...

EDITOR's NOTE: TXU Gives Us Something To Talk About.(Editorial)
August 6, 2007... When Bonnie Raitt sang about giving them something to talk about, her answer was "How about love?" But the song for the $32 billion TXU deal could hardly be called a love ballad, though the lyrics - whether they come from local officials in...

Market Buzz: UBS Snags Bear Stearns High Yield Pro.
August 6, 2007... UBS has tapped a senior high yield professional from Bear Stearns. William Wilson, a senior managing director in Bear's high yield group, joins UBS as a managing director in its leveraged finance capital markets division. His focus will be on...

News: More Pulled From Primary Market.
August 6, 2007... The primary leveraged finance markets saw some activity last week, as two bonds were pulled and a large, tardy loan priced. Two companies pulled their issuances from the leveraged loan and high yield bond markets on Monday and Tuesday...

The Secondary: Volatile Market Has Bondholders Jumpy.
August 13, 2007... Secondary high yield investors sent bond prices unexpectedly upwards in the middle of last week. This seemingly unexplained jump could have been a reaction to an increase in investment-grade issuances or the one drive-by high yield new issue,...

SECTOR FOCUS: Banks Help Home Builders With Covenants, For A Price.
August 13, 2007... The home building industry is seeing significant levels of covenant violations that cross ratings lines. And while widespread violations are not unusual for an industry in trouble, what makes the current climate disconcerting to analysts is...

Q&A: Craston Sees Better Values For Europe.(Matthew Craston of European Credit Management on European loan markets)(Interview)
August 13, 2007... Like most of his peers, Matthew Craston, co-head of leveraged loans at London-based investment management firm European Credit Management, believes that the recent downturn in the European loan market can only do some good. The frenzied...

Who Dictates The News? The Guy On The Phone.
August 13, 2007... Judging by press reports over the last several months, one would believe that the covenant-lite trend falls somewhere under the category of "things that are bad." Recently, however, another view has begun to emerge. With loan prices below...

Market Buzz: Moody's: Defaults Will Increase In The Next Year.
August 13, 2007... The number of corporate defaults will increase substantially in the coming year, according to Moody's Investors Service. Defaults among highly leveraged, illiquid firms are expected to increase as a consequence of the decline in credit...

THE PRIMARY: New Issuances Stay Out Of The Picture.
August 13, 2007... Tracking the current high yield primary market is akin to watching a 1980s slasher film. One or two will make it to the end of the movie, and the sequel will promise new characters that are re-jiggered versions of the first film's protagonists....

News : Investors Find Value In Loans, Especially Cov Lite.(covenant-lite loans)
August 13, 2007... If the leveraged loan market were to choose a quote to describe itself of late it might opt for: The rumors of my demise have been greatly exaggerated. While only a small number of new issues have squeaked through the primary in the last few...

The Secondary: HY Market Shares The Summertime Blues.
August 20, 2007... Secondary trading last week mirrored the troubled complexion of the financial markets as a whole, as the latest economic data showered worried investors with more bad news. It was a week that saw the Dow Jones industrial average drop below...

LBOs: One Way Or Another, LBO Firms May Help Clear Pipeline.
August 20, 2007... By hook or by crook, there's a lot of debt that has to be moved. Whether LBO firms and hedge funds go on a debt shopping spree or some of the larger LBO deals in the works give up the ghost, some of the debt that's in the pipeline right now may...

Q&A: AlixPartners: More Bankruptcies, Alternatives.(Interview)
August 20, 2007... With the current corporate credit crunch predicted to knock at least some companies with maturing debt out of the refinancing line, we at Bank Loan Report thought it would be an opportune time to talk about restructuring. We sat down with...

EDITOR's NOTE: Meltdowns Fire Us Up This Cruel Summer.(mortgages)(Editorial)
August 20, 2007... Just hours ago, the newsroom I share with a dozen other journalists caught the mortgage meltdown fever. A Wall Street Journal story about a family that earns $90,000 taking on a mortgage of $567,000 set off the animated conversation, which soon...

Market Buzz: Dolans Could Restructure Debt Deal For Cablevision.
August 20, 2007... The current inhospitable credit market conditions have led the Dolan family to consider revising the structure of the debt financing for its $10.6 billion acquisition of Cablevision Systems Corp., according to a Securities and Exchange...

NEWS : Are Buyers Bluffing On Killing Sallie Mae?
August 20, 2007... In the shadow of an unfriendly credit market, Sallie Mae shareholders approved a buyout last week that would add as much as $16.5 billion to the leveraged finance pipeline. But don't consider the deal closed just yet. In light of government...