High Yield Report articles from February 2003

High Yield Report archives from February 2003

Will Donald Trump-et Gaming Success This Time?
February 3, 2003... High dollar prices and low yields don't offer much upside to gaming bonds, yet the sector is still outperforming - so much so that billionaire Donald Trump himself is giving it another shot. This week, Trump plans to roadshow the $475...

Oil Drives Russian Loan Pricing Yet Lower.
February 3, 2003... It's hard to believe that only a year ago, Russian oil companies seeking loans were hard-pressed to secure anything beyond one- or two-year facilities, and margins were close to 4%. Since then, sustained high oil prices and ongoing structural...

Here Come the Synthetic High-Yield CLOs.
February 3, 2003... More synthetic high-yield collateralized loan obligations (CLOs) appear to be around the corner, as a result of debt market realities and recent technical changes making the structure more attractive. New accounting guidelines, though, may...

Crown, Cork & Seal Plans Mega Dual-Tranche US/Euro Deal.
February 3, 2003... US The US primary market continued to ramp up, with eight new deals expected to price by the end of the week and three pricing by press time. Crown Cork & Seal Readies a Biggie Although investors weren't giddy, the big news was...

Equities Guide Markets in US/Europe.
February 3, 2003... US The US secondary market was relatively quiet at the beginning of the week with many market participants attending JP Morgan's annual high yield conference in New Orleans. After the Federal Open Market Committee Wednesday held the...

TRW Peels Out in US and Europe.
February 10, 2003... US The US primary market expected to price six deals last week, a fewer than the previous week, and sources say this might be an indication that the big run is over for primary issuance for the meantime. First to price last week was...

Deal Flow Clogs US and European Secondary Markets.
February 10, 2003... US There was little in the way of volume in the US secondary market last week. Traders said it was mostly quiet, with a new issue calendar still fairly steady. But not all new bonds were going up five or six points as they had been in the...

Not Perfect, But Subordination Evolves With Legrand in Europe.
February 17, 2003... European high yield investors had a choice last week on what was supposed to be a defining moment: They could choose principles, or an attractively priced deal. Guess which won? Little more than a month ago, European investors were up in...

Credit Rating: A Tough Business to Enter.
February 17, 2003... As the Securities and Exchange Commission prepares to tackle allegations of a rating agency oligopoly, Moody's Investors Service has come out swinging: Competition, it argues, could be bad for investors. In a statement to the SEC, Moody's...

Tobacco's Only Safe Haven is Europe: As US Litigation Risk Rises, Investors Look to the UK.
February 17, 2003... Few smokers are expected to stop puffing just because the economy is sputtering, or war is near. Quite the contrary. Historically that's made investing in the tobacco industry a safe bet during tough times. But investors might soon discover...

Investors Still Lapping Up Issues.
February 17, 2003... US The US primary market was still going strong last week, with seven deals expected to price and three pricing by press time. Crown Cork & Seal easily priced its three-tranche deal via Salomon Smith Barney and Deutsche Bank. The...

Crown Cork & Seal Tanks in Secondary.
February 17, 2003... US The US secondary markets were relatively quiet last week with focus on the primary market, traders said. "All the excitement is about putting money to work in the primary market because it's a safe and defensive place to be," one...

CreditSights Merges Quantitative/Qualitative Research.(Company Profile)
February 17, 2003... The events that destabilized the corporate landscape over the past year have shown that the entire range of securities comprising the corporate capital structure - equity, debt and loans - are all subject to trauma when a company falls. More...

Airline EETCs: Are They All They're Drummed Up to Be?(Enhanced Equipment Trust Certificates)
February 24, 2003... While it's true that the overall record of Enhanced Equipment Trust Certificates (EETCs) in airline bankruptcies and restructurings has been fairly good thus far - EETCs have, on average, fared better than other types of aircraft-backed debt,...

Junk Market Poised to Pull Out of Slump.
February 24, 2003... Even though the number of high yield deals trading at distressed levels increased last month for the first time since October 2002, the junk market should on the whole continue to pull out of its years-long descent and could at last rid the...

Derivative Technology Enhances CDO.
February 24, 2003... The allegation that collateralized debt obligations (CDOs) have tended to favor equity investors over debt investors was one of the recurrent complaints against these structured products last year. But some players like Wachovia Securities have...

Racino Deal Catches US High Yield Market's Attention.(Old Evangeline Down is pricing a $123.2 mil deal; other deals noted)
February 24, 2003... US Evangeline's "Racino" Model Launches New Trend The only deal pricing by press time last week was Old Evangeline Down's Caa1/B- rated $123.2 million offering of seven-year, non-call four 13% senior secured notes. The issue priced at...

US Snowstorm Numbs Markets on Both Sides of Atlantic.
February 24, 2003... US The US secondary market was fairly quiet last week, what with the Presidents Day holiday and the Blizzard of 2003 making it difficult for market participants to get to work. The market picked up later in the week, though, with...