High Yield Report articles from February 2002

High Yield Report archives from February 2002

IIF's Cautious Optimism: More Capital Flows to EM in 2002.
February 4, 2002... Last year was the most challenging for global emerging markets since the end of the debt crisis in the early 1990s, and net private capital flows into the asset class declined to their lowest level in a decade. Such were the findings of the...

More Distressed Situations on the Way?
February 4, 2002... You've seen the default statistics, but you want more evidence that loads of distressed investment opportunities are coming down the pike? Just ask the firms that specialize in helping those companies that get into trouble. "There have...

Better Days Ahead for Lodging.
February 4, 2002... Now nearly five months removed from the events of September 11, lodging analysts are taking another look at the sector to see if travel trends set in motion by the US recession and accelerated by the terrorist attacks are changing. What they've...

US, European Pipelines Stocked With Deals.
February 4, 2002... US primary market issuance continued at a strong pace last week, as five issuers lined up to sell deals. In Europe, meanwhile, the pipeline of upcoming deals continued to firm up, with four corporates now on the forward calendar. US ...

US Softer, Europe Focuses on NTL.
February 4, 2002... US The US secondary market was slightly weaker last week, traders said. An outflow of $266 million the week before, which came as a surprise after three consecutive weeks of positive numbers, didn't help matters much. "For 12 of the...

Investors Complain Of "Coercion" By Some Companies.
February 11, 2002... In order to avoid bankruptcy, some issuers that are close to the brink are trying to renegotiate the terms on their bonds through exchange offers. But bondholders are not necessarily happy with these deals, sources say, and often feel they are...

Banks Aren't Immune to Fallen Angels.
February 11, 2002... Although both market observers and regulators thus far are in agreement that the increasing number of fallen angels has had little impact on banks' ability to lend, this could change going forward. The number of fallen angels, or corporate...

Are the Babushkas Really Back?
February 11, 2002... The babushkas are back in. That's according to Igor Kostikov, chairman of the Russian Federal Commission for the Securities Market (FCSM), and he says it's a sure sign that the Russian market is on track again. The increased confidence...

US Stocked, But Quiet; Europe Busy With One Deal.
February 11, 2002... While the US primary market is stocked with deals, only four deals were scheduled to price last week. Only two had priced by press time. In Europe, some new supply finally gave investors an incentive to put their money to work. US ...

High Grade Tempts HY Players.
February 11, 2002... The US secondary market has been awash with distractions. Corporates that are new to the high yield space are grabbing investor attention. High grade bonds like Tyco - a company that has been in the news a great deal lately - which are...

Fitch To Rate CDO Managers.
February 11, 2002... As the collateralized debt obligation (CDO) market has grown, and investors have shown increasing interest in it, they have also been placing an increasing amount of emphasis on the asset managers themselves. Who these individuals are, the...

HY Converts, Absent Last Year, Coming Back in 2002.
February 18, 2002... Last year was a bumper year for global convertibles issuance, in large part thanks to investment-grade companies that used the market to raise inexpensive capital to pay off debt. This year, convertibles from high yield issuers are likely to...

Finding Yield in Closed-End Funds.
February 18, 2002... Closed-end high yield funds are trading at record premiums in a year when companies such as Global Crossing are filing for bankruptcy protection and credit deterioration remains the focal point of many investors' buying decisions. So what...

Lender Sues JPM, Citi Over Enron.
February 18, 2002... One of the banks involved in Enron Corp.'s loan syndicate is alleging that the broad relationships its two agent banks had with the company gave them insider knowledge about the energy company's impending demise which they fraudulently...

Mohegan, Graphic Rustle US; Kamps Hits Europe.
February 18, 2002... The US primary market was quiet last week, largely as a result of three seperate industry conferences, organized by Morgan Stanley, Wachovia and Deutsche Banc Alex. Brown. Six deals were scheduled to price during the course of the week. ...

Calpine, KPNQwest Heat Markets.
February 18, 2002... The US high yield secondary market was quiet last week. Many participants were at the Florida conferences, which went on through Wednesday. Whatever activity there was took place last Thursday, when investors clamored to get a share of the new...

CDO Combination Securities: Piecing Together.
February 18, 2002... Because the multi-tranched investment structure of a collateralized debt obligation (CDO) may not be flexible enough to address the objectives of some investors, the market has developed a class of structures called combination securities,...

Downgrades, Few Deals, No Diversity: Euro HY Market Teeters.
February 25, 2002... As downgrades continue to slam into a European high-yield market already wobbling from a scarcity of deals and diversity, some observers are putting that market on the endangered species list - again - while investors cast about for a place to...

Following the Flows: EM Funds Gaining.
February 25, 2002... The high-profile bankruptcies of Enron, Kmart and Global Crossing have dealt a blow to fixed income funds, and high yield has been hard-hit this month. Over the past four weeks, junk bond funds have seen outflows on the order of $596...

Don't Blame Enron for Energy's Woes.
February 25, 2002... The effects of Enron's bankruptcy are far reaching, but analysts aren't ready to blame continued problems in the utility sector on the energy trading giant's meltdown. Moreso, the blame lies squarely with some companies' inability to adapt...

Quiet Times in US and Europe Last Week.
February 25, 2002... After a three-day weekend, the US primary market was lazy last week, pushing the five deals scheduled to price to the end of the week. Only one, though, had priced at press time. As for Europe, no new deals priced. Six names, though, are...

AES, Energis Top the Week.
February 25, 2002... The market's focus last week was on AES Corp. Friday before last, AES's 9.375% bonds were trading at 57/60, but by Tuesday morning last week, the bonds rallied on news the company planned to de-emphasize its Latin American assets and sell...

Bank Relying on Credit Derivs to Hedge Loans, But Regional Banks Lagging.
February 25, 2002... As the list of companies facing accounting and financial problems lengthens, banks' use of credit derivatives to hedge their exposures is growing. But some hurdles remain for regional banks looking to use the instruments to manage their credit...