High Yield Report articles from November 2007

High Yield Report archives from November 2007

The Secondary: Fed Cuts Rates, But Caution Remains.
November 5, 2007... The much-anticipated interest-rate cut by the Federal Reserve was the centerpiece of a week that saw continuous caution in the slowly recovering credit markets. While the bad economic news of the past month spurred the Fed to make the move, its...

Hedge Funds: Cutting Out The Middleman?
November 5, 2007... With investment banks still suffering from credit market flu, flush private equity firms could hunt down other sources of financing for their leveraged buyouts, with hedge funds being the most obvious candidate. Witness the case of...

Q&A: Picus Capital: Not Abandoning European Loans.
November 5, 2007... Like all participants in the European loan market, Picus Capital, a London-based hedge fund manager, has not had an easy time during the past few months. But thanks to the conservative, long-term investment philosophy of its Picus Venator Fund,...

Market Buzz: Deutsche Bank Pars Down; Libertas Beefs Up.
November 5, 2007... Amid great turbulence in investment banking, Deutsche Bank is pruning costs by paring down compensation and bonuses. Third-quarter profits at its investment banking division plunged by 93%, though the bank says it still expects to hit its...

News: New Bankruptcy Regs Help Creditors.
November 5, 2007... Distressed companies can run for the protection of Chapter 11 bankruptcy, but they soon won't be able to hide from creditors when it's time to object to claims. New rules that take effect Dec. 1 will make it easier for creditors of bankrupt...

The Secondary: Traders Cautious On Mixed Economic News.(Statistical data)
November 12, 2007... Secondary high yield traders remained cautious last week, as worries about the future state of the economy persisted in the face of mixed economic indicators. The U.S. Labor Department reported last Thursday that weekly jobless claims were...

Deal: A Big MAC at Wendy's?
November 12, 2007... As three potential buyers compete to sink their teeth into fast food chain Wendy's International, among the factors influencing the price of their bids is a financing clause that would give the underwriting banks an "out" if the credit markets...

Profile: HSBC's Adeson: On The Way To The U.S.A.(HSBC Bank PLC)
November 12, 2007... London-based HSBC touts itself as "the world's local bank," and now the bank's leveraged finance division is looking to broaden its sphere as well. With a strong presence in Europe and a growing business in Asia, the group is now taking aim at...

Market Buzzzz: Moody's: Overstock Of Bad News In Retail.
November 12, 2007... Strained consumer spending on top of tightened credit has soured the outlook for the U.S. retail sector, according to a report from Moody's Investors Service. The retail sector has been whipsawed by the onslaught of private equity buyouts that...

The Primary: HY Has A Full Calendar And One Sour Note.(Calendar)
November 12, 2007... Last week's primary high yield market featured a full calendar but opened on a sour note, as its first scheduled issuance was pulled. However, the yanked deal is more likely a case of a highly leveraged company failing to impress investors than...

The Secondary: Market Seeks Cover From More Bad News.
November 19, 2007... The secondary high yield market has grown accustomed to bad economic news, and last week was no exception. The market is assuming the same cautious posture that many financial markets are and is girding for a disappointing holiday season and...

Market View: No Rest For The Worried: Credit Market Mess Grows.
November 19, 2007... Just when you thought it was safe to get back in the market. Bank write-downs and other bad news continued to hound the high yield loan and bond markets last week. The latest developments have kept investors away from primary high yield bond...

Banks: Will Bank Reorganization Mitigate Losses?
November 19, 2007... In what seems like endless write-downs on subprime RMBS and ABS CDO holdings, banks have had to revaluate their positions in the structured finance market, which lately means personnel reorganizations. But not all market participants are...

EDITOR's NOTE: Be Thankful: At Least You're Not A Turkey.
November 19, 2007... Remember the good old days, back in October? Yeah, the sweet times. Now, heading into the holidays, there seems little for the high yield bond market to be thankful for, not to mention the leveraged loan secondary. Consumer confidence is...

Market Buzz: We Round Up the Write-Downs.
November 19, 2007... A few more big-name banks last week joined the dog pile of those declaring write-downs on compromised assets amid the subprime mortgage crisis. Bear Stearns will slash the value of its subprime pot by $1.2 billion for the fourth quarter, and...

The Primary: Issues Drop As HY Market Hurts Again.
November 19, 2007... The high yield primary suffered more setbacks last week as the market reacted to negative economic news and pressures from the secondary. As of press time, this month had seen three issues pulled after two months of steady, if cautious,...

The Secondary: Investors Still Seeking Safety In Secondary.
November 26, 2007... Investors in the high yield secondary market continued to play it safe during last week's abbreviated schedule. Economic news was dismal and trading volumes were low. The housing market did not fare as poorly in October as it had in...

Europe-European Vacation: High Yield On Hold Till 2008.
November 26, 2007... The conventional wisdom has been that the European high yield bond market would be in better shape than its loan market counterpart after the summer credit crisis. But even though both buy-side and sell-side participants expected it to be a...

Q&A: Jeffrey Porphy Brings Ideas To Barclays.(Interview)
November 26, 2007... Jeffrey Porphy recently joined Barclays Capital as managing director and head of idea generation and transactional development for U.S. leveraged finance. He left Credit Suisse, where he had been for 14 years, to take the job, which comes with...

EDITOR's NOTE: When The Dog's Bite Is Worse Than Its Bark.
November 26, 2007... You know the couple. The perfect couple, the enviable couple, the loving, adoring, lustful couple who suddenly find themselves clawing and snarling their way through a dogfight of a divorce. At which point friends and family scratch their heads...

Market Buzz: Dresdner Loses Senior Traders.
November 26, 2007... Two senior traders have left Dresdner Kleinwort after less than a year at work. Mark Richardson, head of equity and credit derivatives, and Neil Walker, head of credit trading, have both reportedly exited the firm. Richardson joined Dresdner in...

The Primary: Lawsuit Grabs Spotlight As Casualties Mount.
November 26, 2007... Last week underwriters postponed one high yield bond issuance and pulled another, in the second wave of casualties in the credit market downturn. Since the start of November, five companies have had issuances pulled from the high yield primary....