High Yield Report articles from December 2004

High Yield Report archives from December 2004

M&A.(mergers and acquisitions)
December 6, 2004... Investors are still talking about the Kmart Corp. and Sears, Roebuck & Co. merger, and the talk hasn't been altogether positive. In fact, distressed investors polled at Renaissance American Management's and Beard Group's 11th Annual Conference...

Derivatives.(boom times ahead for derivatives)
December 6, 2004... The high yield credit derivatives market is booming, with single-name credit default swaps (CDS) having grown from 8% of the surveyed credit derivatives market to 18% of the $2.8 trillion market in 2003. That's nearly a 300% increase, says...

Sector Analysis.(automobiles)
December 6, 2004... What's going to happen to the auto sector is one question on the mind of many debt investors, including those in the distressed world looking for opportunities. Last week, attendees and panelists at Renaissance American Management's and Beard...

Us Company.(bleak future forecasts for five firms)
December 6, 2004... Five companies received an unwelcome surprise upon their return from the Thanksgiving holiday late last month: a spot on independent corporate bond research firm Gimme Credit's list of potential "turkeys." (No relation to HYR's "annual turkey...

Market View.(high yield bonds)(Brief Article)
December 6, 2004... High yield bonds in November outperformed Treasurys by 3.32%, according to Merrill Lynch data, and high yield credits produced a 1.04% return. That gain was concentrated in triple-C credits, which contributed a 3.25% gain. Distressed bonds,...

Profile.(a company profile of AlixPartners L.L.C.)(Company Profile)
December 6, 2004... As one of the top restructuring firms in the industry, AlixPartners has garnered a strong reputation due to its successful hands-on approach - often through the attainment of senior management positions on an interim basis - for turnarounds,...

Gainers & Losers: Owens Corning/ Rural.(Owens-Corning Fiberglas Corp. gains)(Rural Cellular Corp. loses)(Brief Article)
December 6, 2004... Gainers last week included SR Telecom, with its 8.15% notes of 2005 moving up 11.125 points to trade at 78.75. The company reported an increase of 44% in revenues for the third quarter compared with a year ago and also recently signed a large...

Market Buzz.
December 6, 2004... Moody's Investors Service expects a positive trend in credit quality among European non-financial corporates through 2005, as noted in a recently released report on the outlook of corporate Europe for 2005. While no significant...

Industry.
December 13, 2004... Get ready for a bonanza of activity from the chemicals industry in the next year, as a number of non-investment-grade companies hope to take advantage of a rare period of good news to better position themselves, acquire a competitor or, in the...

Market View.
December 13, 2004... The year 2004 proved to be a solid year for the high yield market, and investors across the board were pleasantly surprised with the market's performance. "It was a better year than most people thought," said Tom Parker, portfolio manager at...

European company news.(Peri GmbH and Waste Recycling Group PLC deals)
December 13, 2004... European high yield issuers are still taking full advantage of the dearth of supply in the market for European high yield investors these days. Case in point is Peri, a German construction company, which issued a two-part deal two weeks ago of...

Distressed debt.(Jay Alix, winner of the Harvey R. Miller Outstanding Achievement Award, offers tips for distressed investors )
December 13, 2004... Jay Alix, founding principal of AlixPartners, has certainly made a name for himself in the restructuring space, so much so that he was recently awarded the annual Harvey R. Miller Outstanding Achievement Award for Service to the Restructuring...

US company news.(Kroger Co. and Pathmark Stores)
December 13, 2004... It looks like the divide between success and struggle in the stressed supermarket industry (HYR, 11/8) is continuing to widen, as Kroger Co. and Pathmark Stores were both discussed in the bond markets last week. To be sure, Kroger's credit...

Sector spotlight.(airlines)
December 13, 2004... The US airline industry, which has been in pretty poor shape over the past couple of years, looks set to face another year of challenges, according to Fitch Ratings' analyst William Warlick. And chances are that much-needed debt reduction will...

See you next year!
December 13, 2004... This will be HYR's last publication before Thomson Media Newsletters' holiday season publishing hiatus. There will be no issues for December 20th, December 27th and January 3rd. The next issue of HYR will be in print Jan. 10, 2005. Season's...

Gainers & Losers: Delta/Adelphia.(Delta Air Lines gains, Adelphia Communications Corp. loses)(Brief Article)
December 13, 2004... Delta Air Lines landed in the gainer's list last week for the fourth straight week in a row, with its 7.711% notes of 2013 rising 5.375 points to trade at 99.625. The company continues to report good news, including increased traffic,...

Market buzz.(default rates; Credit Suisse Group reorganization; Bally Total Fitness Holding Corp. secures credit)
December 13, 2004... The global speculative-grade default rate plateaued at 2.4% for November, Moody's Investors Service reported last week, although forecasters believe that the rate will decline into early next year. "Although November marks the third...