High Yield Report articles from December 2008

High Yield Report archives from December 2008

Things To Be Thankful For... No, Really.(Editor's Note)
December 1, 2008... Byline: Carol J. Clouse A year ago, I wrote a column highlighting, in honor of the Thanksgiving holiday, some reasons for our markets to be thankful. I mean, it all seemed so dreary then. Consumer and investor confidence down, high yield...

Sovereign Wealth Funds Invade Lev Finance Shores.(News)
December 1, 2008... Byline: Richard Kellerhals If Paul Revere were a leveraged loan or bond salesman, he'd probably say forget about the British (they're already here) and call out, "The entire world is coming!" Some sources say that the leveraged finance...

Citigroup Cuts Top Lev Finance Execs.(Market Buzz)
December 1, 2008... Byline: Editorial Staff In the midst of a struggle that prompted Citigroup to seek (and receive) additional aid from the U.S. government, the bank has cut four managing directors from its credit group and streamlined all leveraged finance...

Markets Enter Era Of Private Equity Defaults.(News)
December 1, 2008... Byline: Matthew Sheahan As defaults rise, the portion of defaulting companies owned by private equity firms has increased substantially. And market observers expect it to increase further next year, as such companies will face a much...

A Raging Bull In Private Equity?(News)
December 1, 2008... Byline: Danielle Fugazy It's a clichA[c] traders love: buy low, sell high. For a two-year stretch starting in mid-2005, however, many private equity pros argued that great returns could be had through buying high as long as leverage was...

Firms Pick Up Structured/Distressed Pros.(News)
December 1, 2008... Byline: Jakema Lewis The fallout in the ABS and MBS markets has triggered the development of a new trend: structured finance professionals lending their expertise to asset management shops. Notably, institutional asset manager...

HY Players Just Thankful To Survive.(The Secondary)
December 1, 2008... Byline: Matthew Sheahan Investors in the high yield market last week were happy to still be working, and were looking forward to a long Thanksgiving weekend away from watching credit markets tumble. The shortened week began with some...

Restructuring Pro Sees 12 To 18 Months Of Hardship.(News)
December 8, 2008... Byline: Aleksandrs Rozens Brad Eric Scheler has been involved with restructurings for three decades, serving as counsel to both debtors and creditors. As the senior partner and chairman of Fried Frank's bankruptcy and restructuring...

HY Bondholders Know When To Hold 'Em.(News)
December 8, 2008... Byline: Matthew Sheahan The stakes are high for companies and creditors alike as corporate issuers face off with their bondholders over exchanges. Two such companies, both in the gaming space, are Station Casinos, which is trying to avert...

Fraud And Loathing On Wall Street.(News)
December 8, 2008... Byline: Kelly Holman Companies accused of fraud are more than twice as likely to file for Chapter 11 as their more honest counterparts. And those already bankrupt are more than three times as likely to face accusations of fraud, according...

GMs Debt Holders Likely To Get Lemon.(Editor's Letter)
December 8, 2008... Byline: Carol J. Clouse I drove a Pontiac Fiero in the late 1980s. I was VERY young and didn't do much research on the products I bought, not that chatter about engine fires would have deterred me. That car was sweet. And red. And while it...

Icahn Hits Realogy With Debt Exchange Lawsuit.(Market Buzz)
December 8, 2008... Byline: Editorial Staff An investment firm headed by activist investor Carl Icahn has filed a lawsuit against Realogy to stop a debt exchange. The move is part of a broader battle between issuers and bondholders, as companies seek to take...

HY Sees Little Or No Holiday Cheer.(The Secondary)
December 8, 2008... Byline: Matthew Sheahan There was no news to warm the hearts of high yield investors last week; the only guerdon they have to show for enduring the current market climate is the promise of continued difficulty ahead. Prices on bonds...

No More Seeing Double, Banks Shop More Triple-B Debt.(News)
December 8, 2008... Byline: Richard Kellerhals If "green" is the new black, and 30 is the new 20, then triple-B rated companies are the new double-B in leveraged finance, some market participants say. As tacky as that may sound, several recent syndications...

Distressed Exchanges On The Rise.(News)
December 15, 2008... Byline: Aleksandrs Rozens Tight credit conditions and a slowing economy have prompted many companies to tell debt holders that they'll be getting less than 100 cents on the dollar, triggering what rating agencies refer to as a selective,...

That Which Does Not Kill Us...(Editor's Note)
December 15, 2008... Byline: Carol J. Clouse Finish the infamous Friedrich Nietzsche quote as you wish with regards to 2008 and the future of the high yield loan and bond markets. That which does not kill us...makes us more transparent....eliminates...

Restructuring Takes Center Stage In Europe.(News)
December 15, 2008... Byline: Savita Iyer-ahrestani Whether they're in the form of covenant waivers or significant changes to companies' debt structures, restructurings are the order of the day in the new economic environment and will be the centerpiece of the...

El Paso Pays Hefty Yield On Bond Issue.(Market Buzz)
December 15, 2008... Byline: Editorial Staff El Paso Corp. issued $500 million in senior unsecured notes Dec. 9, which made it the first company to price an issue on the high yield primary market since October. The company priced $500 million in 12% notes due...

HY Hibernates And Hopes For Spring.(The Secondary)
December 15, 2008... Byline: Matthew Sheahan As the holidays approach, the credit crisis Grinch has left his mark on the high yield market. The level of volatility and fear in the marketplace was evidenced by last week's flight to Treasurys, which sent the...

Market To 2008: What The @#%$!(News)
December 15, 2008... Byline: Matthew Sheahan, Richard Kellerhals The bear market has sent high yield bonds and leveraged loans into hibernation for the winter, which promises to be long and cold. Credit market bankers, investors and other observers can find...