High Yield Report articles from December 2003

High Yield Report archives from December 2003

US Company news.(Levi Strauss and Co.)
December 8, 2003... Levi Strauss & Co. took another blow to its ratings last week after the company announced it had hired a restructuring firm and replaced its CFO with one of the firm's consultants. Having been downgraded only three weeks earlier, Fitch Ratings...

Credit.(company finance)
December 8, 2003... There is no doubt that as the year has progressed, financings in the high yield market have become increasingly aggressive - lower-rated, higher-risk companies have been accessing the market for capital, and investors are accepting riskier...

Market View.
December 8, 2003... Carpe diem: That's the message for any company that needs to raise capital in the high yield bond market. Yields are near rock bottom, fundamentals are being ignored, and too much investment capital is chasing too few deals. Signs of froth...

The Word Is.(high yield market)(Brief Article)
December 8, 2003... All good things must come to an end. As always after a sustained period of strong performance, there is a tendency for the doomsayers to step in and predict the end of the good times. In the high yield market, there are some who believe that...

CDOs.(Collateralized Debt Obligation)
December 8, 2003... Credit quality for high yield-backed vehicles from the CDO market has improved, according to Merrill Lynch's managing director Dan Castro and his team of CDO researchers. A recent surveillance report from the firm tracked deal performance...

Europe.
December 8, 2003... As sentiment for the TMT sector slowly improves in Europe, one of the key global lenders to cable, media and telecom companies, BNP Paribas, will host a Media and TMT conference on December 11 in London. The event will include CEO-level speaker...

Profile.(WL Ross & Co.LLC)
December 8, 2003... For all his success and recognition as the best-known turnaround financier in the US, you might be forgiven for thinking that restructuring companies was by now a straightforward and relatively easy process for Wilbur Ross, chairman and CEO of...

Market Buzzes Over Merril Leveraged Finance Revamp Plans.
December 8, 2003... Market players were buzzing last week over a report about Merrill Lynch and its plans to drastically revamp its leveraged finance group. The article from Reuters cites, according to an unknown source, that the firm is going to hire 25-30...

Syndicated Loans.(Brief Article)
December 8, 2003... The Simmons Company's eight-year, $405 million B term loan was oversubscribed upon arrival at last week's bank meeting. The loan is part of a $480 million facility that also includes a $75 million revolver. The credit, which is being led by...

League Tables.
December 15, 2003... The most vibrant debt sector in terms of year-over-year improvement was high yield, which still has the potential to have its largest single year on record. At the very least, it could be the second largest, in terms of new issuance, after...

Europe.
December 15, 2003... A 10-notch downgrade in 24 hours, providing misleading information about its liquidity to its rating agency and the market, and failure (so far) to redeem a 150 million bond, are not exactly the kind of attributes that would entice investors to...

Syndicated Loans.
December 15, 2003... Hedge funds and other nontraditional lenders became regular players in the syndicated loan market in 2003, especially in so-called rescue deals, and they are expected to continue investing in loans next year despite tighter spreads. The types...

The Word Is.(pressure for more transparency following Parmalat scandal)
December 15, 2003... After such a great year for the high yield market on both sides of the Atlantic, it is a shame to end the year on a sour note. But the current crisis surrounding Parmalat has yet again highlighted the high-risk nature of the Italian market,...

Convertibles.(impact on credit ratings)
December 15, 2003... Troubled credits in need of a quick cash fix often turn to the convertible market for help - not only is it cheaper than the straight bond market, but it is often the only market open to them at the height of their problems. But according to a...

US Company News.(Goodyear Tire and Rubber refinancing)
December 15, 2003... Goodyear Tire & Rubber (B2/B-) is the latest in a long line of credits trying to make the most of the current demand for deals to refinance its way out of difficulties. The company, which has had its share of troubles in recent years, has about...

Telenet Reopens Cable Sector, but at a Price...(Brief Article)
December 15, 2003... While some investors were hyping up the new 400 million 10-year, non-call five, bond transaction from Belgium cable company, Telenet (B3), others were berating the buyside for dropping the ball on the coupon. "This is a retarded bit of business...

Northwest Closes EETC Exchange.(enhanced equipment trust certificate)(Brief Article)
December 15, 2003... Falling well short of the $551.8 million of its unsecured obligations Northwest Airlines, hoped to exchange for newly issued Class D EETC notes due April 2009, the company announced that it has exchanged only $59.06 million of its outstanding...

Moody's: 7th Straight Month Without a Default by Euro Issuer.(Brief Article)
December 15, 2003... The global issuer-based high yield corporate bond default rate dropped again in November to 5.3% from 5.7% in October, according to Moody's Investors Service. There was just one corporate bond default recorded in November, that of Alamosa...