High Yield Report articles from June 2004

High Yield Report archives from June 2004

Sector Analysis.
June 7, 2004... Where should you plunk your money once the sell-off in high yield ends and the potential new rally begins? The safer bets might include cyclical players within the high yield market, some sources say, those companies that traditionally...

US Company News.(Pegasus Communications Corp)
June 7, 2004... Having been the subject of much speculation, Pegasus Satellite Television put an end to all gossip last Wednesday night by filing for Chapter 11. The announcement came as no real surprise - most investors and analysts believed bankruptcy was a...

Europe.(Vivendi Universal)
June 7, 2004... Receiving an upgrade into investment grade territory is every high yield company's dream, but for global media and communications company, Vivendi Universal, the upgrade to triple-B-minus by Standard & Poor's last week was somewhat inopportune....

The Word Is.(markets trends previaling in unites states and european market )(Brief Article)
June 7, 2004... The high yield market has been relatively subdued over the past couple of weeks, with the long weekend in the US and the UK serving to further mute the already stagnating primary and secondary markets. But for the first time in eight weeks,...

Syndicated Loans.(United States and European debt market)
June 7, 2004... Alternative financing and investing solutions have been the name of the game in the US loan market over the past few quarters, as investors and arrangers continue to look for more business in the supply-starved marketplace. One increasingly...

LBOs.(Leveraged buyouts)
June 7, 2004... As the European Union continues to welcome new members into its fold, so LBO issuance from non-core European countries is likely to increase in the coming years, according to Fitch Ratings. In fact, driven largely by increased investor comfort,...

Feature.(gambling industry)
June 7, 2004... Early this year, Boyd Gaming Corp. decided it was time to raise the ante. But placing its bet to become a bigger player in Vegas - buying one casino as well as another entire casino company - meant coming up with a cool $2 billion. Thanks to a...

Market Buzz.(meshed brief)
June 7, 2004... Morgan Joseph Hires Fischer Morgan Joseph & Co. Inc., an investment banking firm serving middle market companies, announced the appointment of Steven K. Fischer as managing director, head of high yield capital markets, last week. A 22-year...

CDOs.(Collateralized debt obligations)
June 7, 2004... Moody's Investors Service announced that it has modified its approach for rating synthetic collateralized debt obligations, moving to Monte Carlo simulation-based models from binomial approaches. In many circles, particularly Europe, the change...

Gainers & Losers:Salton/Delta.
June 7, 2004... Delta Airlines, which dominated the previous week's gainers, performed an about-face last week, and instead filled out all but two of the spots on Advantage Data's top loser list. A double blow came first from the news that the industry...

AMG Data Services Fund Flows.
June 7, 2004... For the first time in eight weeks, AMG Data Services reported inflows to high yield mutual funds at $565 million for the week ending June 4. That lowers 2004's cumulative outflow to $5.136 billion. The preceeding three weeks saw $3.3 billion of...

US/Europe.(Kabel Deutschland proposal to issue senior notes)
June 14, 2004... The European cable market has had its fair share of issuance from the cable sector this year: NTL, TeleColumbus, Cablecom, ONO and UGC have all tapped the market for some form of financing, be it fixed-rate, floating, or convertible debt over...

Strategy.(triple-C bonds)
June 14, 2004... Triple-C's may have lost some of their sparkle over the past couple of months, as the high yield market rally has run out of steam and volatility forces investors to refocus their efforts on higher-quality credits, but opportunities to make...

Europe.(Waterford Wedgwood selling All-Clad subsidiary to Groupe SEB)
June 14, 2004... It was a turbulent week for Ireland-based luxury table and dinnerware manufacturer Waterford Wedgwood, following the announcement on June 2 that the company is selling its US-based cookware subsidiary, All-Clad, to France-based cookware and...

The Word Is.(European high yield conference)
June 14, 2004... The market felt like it never really got started last week. Deutsche Bank's European high yield conference, comments by Federal Reserve Chairman Alan Greenspan over the need to do everything possible to keep inflation in check (read hike...

Ratings.
June 14, 2004... The global issuer-weighted speculative-grade default rate dropped substantially in May to 3.4% from 4.0% in April. That's the lowest level since early 1999 when the run-up in the default rate began, according to Moody's Investors Service. The...

M&A.(Blackstone Group acquisition of New Skies Satellites signals coming consolidation)
June 14, 2004... After losing its bid for PanAmSat Corp. to Kohlberg Kravis Roberts & Co. during a competitive bidding process earlier this year, the Blackstone Group decided to concentrate on picking up another satellite operator instead - Netherlands-based...

Profile.(Interview)
June 14, 2004... Back in early May, Esselte, the world's leading manufacturer of office supplies, announced the successful completion of a 150 million private bond offering. Demand for the bond offering was strong enough to enable the company to upsize by 20...

Market Buzz.
June 14, 2004... Insight Hires McMahon Aengus McMahon, high yield credit analyst at Henderson Global Investors will be leaving the firm at the end of the month to take up a similar role at Insight Investment, which is currently beefing up its high yield...

Gainers & Losers: AMR/ Pegasus.(Brief Article)
June 14, 2004... It probably came as no surprise that Pegasus Communications was one of the top losers of last week, according to Advantage Data. Much of the fallout was the result of the previous week's announcement that the company had filed for Chapter 11....

AMG Fund Data.(Brief Article)
June 14, 2004... AMG Data Services reported outflows from high yield funds of $59.77 million for the week ending June 9. This marks the eighth week of outflows in the past nine weeks and follows the largest inflow since mid-October. The YTD outflows are now...

US Company News.
June 21, 2004... MGM Mirage Inc.'s successful $7.9 billion bid to acquire Mandalay Resort Group is also a big win for several banks that heretofore have run bond and loan deals for MGM, according to HYR's sister publication IDD. The gaming company wound up...

Derivatives.(canadian depository securities )
June 21, 2004... The credit derivative market is gaining increasing popularity in the high yield market as more and more investors look to enter the burgeoning business, attracted to the increased liquidity and trading opportunities on offer compared to the...

New Issue Pipeline.
June 21, 2004... Refinancings may have driven high yield new issue volume for the past 18 months, but much of the new issuance in the near to intermediate future will come from merger and acquisition and LBO activity, which is beginning to replace refinancing...

The Word Is.(Influence of Liquidity (Finance) on the US investors)
June 21, 2004... It was all about the L-word last week. Of course, sufficient liquidity is integral to the efficient functioning of every market, and any product or development enhancing liquidity should be welcomed. European issuers of high yield bonds well...

CLOs.(Collateralized Loan Obligation )
June 21, 2004... While European CLO managers have suffered less from tightening collateral spreads than their US counterparts, some market players are noting a trend of borrowers in the European loan market becoming increasingly leveraged. Unlike in the...

US/Europe.
June 21, 2004... When it comes to investing in high yield companies, the greater the transparency, the better. But unless a company issuing high yield debt has public equity outstanding - and only 60% of them do - gaining access to critical information can...

Profile.(BNP Paribas)(Company Profile)
June 21, 2004... Using its banking might in Europe and its established European large cap financial sponsor relationships as a springboard, BNP Paribas plans to build even more large cap financial sponsor relationships in the US. The arrival earlier this month...

Market Buzz.(Appointments & Contracts)
June 21, 2004... Mickey Brennan, formerly head of European high yield sales at Credit Suisse First Boston in London resigned last week and will start in a similar role at Citigroup in London. According to market sources, CSFB tried to keep Brennan on board and...

Liquid Loan Market Beats 2003's Trading Record.(Secondary Market Loan Trading)
June 21, 2004... There was a time not too long ago when the only loans trading in the secondary market were huge issues for such well-known companies as Allied Waste or other bellwethers of the chemicals industry. Today, all that has changed, and looking at...

AMG Fund Data.(Brief Article)
June 21, 2004... AMG Data Services reported outflows from high yield mutual funds of $126.5 million for the week ending June 16. This marks the ninth week of outflows in the past 10 weeks. Year-to-date outflows are now $5.323 billion. Copyright 2004...

Gainers & Losers: AMR/ aaiPharma.(Brief Article)
June 21, 2004... Gainers last week, included AMR, which saw its 9.73% notes of 2006 jump seven points to 88.625, according to Advantage Data. This was due to a decrease in fuel prices over the week, as well as news that the company is seeking to gain increased...