High Yield Report articles from December 2005

High Yield Report archives from December 2005

Secondary Trading: Unisys Misses Targets, Young Improves.
December 5, 2005... The secondary high yield market has been especially active over the last month, as investors continue to find bargains there (HYR, 11/21/05). Indeed, there have been various names garnering attention over recent weeks. HYR rounded up a few that...

Derivatives: Credit Derivatives To Get Riskier In '06.
December 5, 2005... The credit derivatives market has grown so exponentially (by 86% in 2005 alone) that its notional value of $5.3 trillion now tops the $5 trillion of the entire US corporate bond market, according to a Fitch Ratings survey released last week. In...

US Company News: Asian Primary Deals Look Good To US Buyside.
December 5, 2005... As the window of opportunity for pushing through a new deal in 2005 begins to narrow, two questions are on the minds of many high yield investors. The first, which is not a new one, centers on which of the numerous potential issuers vying for...

US Company News: Many Investors Hardly Wince At Calpine News.
December 5, 2005... When an issuer like Calpine Corp. with $17 billion in debt sees its unsecured bonds plummet as much as 28 points in one day, the way they did last week, one might expect many high yield players to be affected. But that didn't happen this time....

Sector Analysis: Cycle Turns For Homebuilders.
December 5, 2005... The five-year bull market in housing has understandably been good to the homebuilding sector. The PHLX housing sector index, the best measure of sector-wide equity performance, only goes back three years, but in that short period it jumped to a...

Observation: Leveraged Lending Today Resembles Mortgage Market Of 1990s.
December 5, 2005... by Mark Boyadjian, head of Franklin Templeton Investments' Franklin Floating Rate Debt Group, and Tyler Chan, director of research for the Franklin Floating Rate Debt Group On October 14, Dr. Edward Altman, professor of finance at New York...

AMG Data Services.(Brief Article)
December 5, 2005... High yield mutual funds reported $225 million in net inflows last week, according to AMG Data Services, breaking an 11-week succession of outflows from the asset class. Inflows were reported by 194 funds, while 182 funds reported outflows. ...

Gainers & Losers: UAL/Ford.(Brief Article)
December 5, 2005... General Motors Acceptance Corp.'s (GMAC) bonds gained some ground last week, as momentum continued to build toward the sale that will eventually separate GMAC from its parent company General Motors Corp. GMAC's 7.2% notes due 2017 gained 5.5...

M arket Buzz.
December 5, 2005... The bond market appears to be progressively drifting downward in terms of credit quality. At the end of September, the US bond market's concentration of investment grade bonds fell below 80%, Fitch Ratings reported last week. This is the lowest...

US Company News: Issuers Play The Pricing Game.(junk bonds are sold with high prices)
December 12, 2005... Some of the latest issuers to tap the high yield market have been pitching their deals with pricing lower than many investors would like, sources say. And while energy and healthcare were popular sectors among many buysiders last week,...

Distressed Debt: Distressed Players Find Value In Trade Claims.
December 12, 2005... During a Chapter 11 proceeding, bondholders are often joined in the pool of unsecured creditors with several other types of lenders vying to get repaid. One type of lender in this pool is the trade claim creditor. Trade claims comprise the...

US Company News: Star Gas Recap May Quell Bondholders.
December 12, 2005... Heating company Star Gas Partners, which has been embroiled in financial troubles for the better part of this year, may be on the verge of stabilizing its economic position and its relationship with its bondholders - at least for now -...

Banks: UBS Taps Juge, Woo To Unite Businesses.(David Juge, Warren Woo appointed)
December 12, 2005... In recognition of the many leveraged buyout (LBO) and debt financing business opportunities that often come hand in hand, UBS announced last week that it has tapped David Juge and Warren Woo as joint heads of global leveraged finance. These...

Europe: Euro Cable Sees Renaissance.
December 12, 2005... It was the sector everyone loved to hate. But from the end of 2004 onward, the European cable industry has been a prolific issuer of high yield debt, making good use of both the bond market and the syndicated loan market. Investors in both...

Profile: IACPM Releases Sound Practices' Guide To Aid In Risk Management.(International Association of Credit Portfolio Managers )
December 12, 2005... Managing a loan or bond portfolio is a far cry from what it used to be, thanks to recent market developments such as the rapid growth of credit derivatives and increased liquidity in the loan market. In fact, the changing ways of the credit...

AMG Data Services.(high yield mutual funds increases)(Brief Article)
December 12, 2005... For the second week in a row, high yield mutual funds reported net inflows last week. For the week ended December 7, $361 million flowed into the asset class, according to AMG Data Services. The number of funds reporting outflows crept up to...

Gainers & Losers: Delta/Calpine.(Brief Article)
December 12, 2005... Delta Air Lines made the gainers list last week after it sold 10 of its Boeing Co. aircrafts to aircraft leasing company CIT Group for a total of $600 million. Also last week, Timothy Coleman, a banker at The Blackstone Group, testified in...

Market Buzz/data.(Collateralized debt obligations)
December 12, 2005... While 2005 has seen more fallen angels than last year - as of December 6, there were 39 fallen angels, compared with only 24 for the same time period during 2004 - fewer entities are at risk of plunging to junk status, Standard & Poor's said in...

Sector Analysis: Airline Cos See Glimmer Of Hope.(markets)
December 19, 2005... After witnessing several years of darkness and despair, analysts who cover the airline sector have finally given a glimmer of hope to the beleaguered industry. They are predicting a better year in 2006, particularly for US carriers, which, to...

Economy: Is An Inverted Yield Curve On The Horizon?(United States economic conditions)
December 19, 2005... The Federal Reserve Board's implementation last Tuesday of its 13th consecutive quarter-point federal funds rate hike, to 4.25% from 4%, provoked more divergent paths of speculation than have prior hikes. That's because both the Fed as well as...

Market View: Forecasting 2006: Not As Simple As It Seems.(high yield markets)(Industry Overview)
December 19, 2005... As the year winds down and high yield managers prepare to condense 2005 into a mental file of lessons learned, the New Year and the clean slate it brings looms on the horizon. And high yield strategists and analysts are already voicing a...

Syndicated Loans: Intralinks Launches Service To Monitor MNPI Access.
December 19, 2005... As an increasing number of market players continue to invest across asset classes, monitoring between the public and private side of the information wall has become a vital concern. This is especially relevant to investors in the private...

Research: Gimme Credit To Launch New HY Service.(high yield service)(Brief Article)
December 19, 2005... For those who subscribe to independent research firm Gimme Credit's high yield service and happen to have an insatiable appetite for frequently released witty and insightful credit analysis, their prayers may have finally been answered....

AMG Data Services.
December 19, 2005... After two consecutive weeks of net inflows into high yield mutual funds, the tide changed last week with a net outflow of $319 million, according to AMG Data Services (for the week ended last Wednesday). (c) 2005 High Yield Report and...

Distressed Debt: Will Alternative Strategies Be Needed In The Next Distressed Cycle?(corporate debt)
December 19, 2005... by Kevin Prokop, director, Questor Management Company The last three years have been good ones for distressed debt investors. Overall returns have been excellent, driven by an improved economy, a perceived reduction in risk and increased...

Gainers & Losers: Allied/Charter.(Delta Air Lines Inc., General Motors Acceptance Corp., Allied Holdings Inc.)(Brief Article)
December 19, 2005... Delta Air Lines' presence on the gainers list last week was strong, as it made significant strides toward its restructuring goals. Delta averted a strike among its pilots, and was also able to secure $143 million in cost reduction per year...

Market Buzz.(appointments at banking industry)
December 19, 2005... BNP Paribas announced last week that it has appointed Alvaro Ballesteros as a senior high yield trader based in London. He will report to Pierre Mathieu, head of European flow credit trading. Ballesteros formerly worked at WestLB in London...

Cablevision, Hertz high yield deals sail through market.(CSC Holdings Inc.)
December 19, 2005... Last week, CSC Holdings (CSC) sped through the high yield bond market, completing a $1 billion sale of 8.375% senior notes due 2015. The high yield bonds, along with a $4.5 billion credit facility led by Bank of America and Citigroup, are...

Announcement.
December 19, 2005... Happy Holidays! This is the last publication in 2005 of High Yield Report. Expect the next issue of HYR to be in print on January 9, 2006.