High Yield Report articles from September 2004

High Yield Report archives from September 2004

Europe.(Grohe (germany) is issuing unsecured bonds)
September 13, 2004... There is something to be said for being the first issuer to hit the market after the summer shutdown and German bathroom and kitchen fittings manufacturer, Grohe, is certainly tapping into pent up demand for new supply among European investors....

US Company News.
September 13, 2004... Last week Delta Air Lines announced its much-anticipated restructuring plan aimed to help the weakened company stave off bankruptcy. Over the last three years the company has lost more than $5 billion and reduced its work force by 16,000....

US Company News.(Libertas Partners is expanding )
September 13, 2004... Libertas Partners, a small Greenwich, Conn.-based boutique specializing in high yield and distressed debt, is in the midst of a major expansion. Not only is it taking on new hires at its Greenwich office, the firm also plans to open offices in...

The Word Is.(high yeild deals are not lining up)(Brief Article)
September 13, 2004... Models were lining up on the runways in Bryant Park as New York Fashion Week got underway last week, but deals were not lining up in the new issue pipeline as fast as many had anticipated - just two deals had priced in the US ahead of...

Derivatives.(Fitch Ratings' Global Credit Derivatives Survey)
September 13, 2004... The credit derivatives market has undoubtedly been the hottest area on Wall Street this year, both in terms of volume of activity, personnel hires and compensation for professionals. Fitch Ratings' Global Credit Derivatives Survey - the rating...

Deal Focus.(Fisher Communications Inc. is planning to issue unsecured notes)
September 13, 2004... While last week's primary market was still slow following the August lull, one new issuer was already out making its debut appearance. First time issuer Fisher Communications, a Seattle, Wash.-based TV and radio broadcaster, is planning to...

Profile.(Franklin Advisers Inc.)
September 13, 2004... Franklin Advisers is not worried about going against the grain if it means better performance. In fact, the firm's high yield team admits to being somewhat contrarian in terms of some of its investing strategies, preferring to take a...

Market Buzz.
September 13, 2004... First Albany has added three more salespeople to its high yield sales team in the newly created Greenwich, Conn. office. Marianne Byrnes, Kevin Golden, and Kevin Martin joined the firm the first week of September, coming on board from RBC...

AMG Data Services.(high yield mutual funds inflows)(Brief Article)
September 13, 2004... AMG Data Services reported inflows from high yield mutual funds of $127.89 million for the week ending September 8. This follows last week's inflow of $268.9 million and brings the year to date total to roughly $7.2 billion in outflows. ...

US Company News.
September 20, 2004... High yield investors are wary about investing in AT&T debt, even though the credit was one of the top performing names in high yield indices during August. Investor concerns center around how well the company will perform in an increasingly...

Sector Analysis.
September 20, 2004... Investors may have to start looking at triple-C names as they search to find yield in a slow market, but many are wondering just how well those lower-rated credits will perform for the rest of the year. Vanguard Health Systems Inc., Denny's...

Strategy.(trends of secondary market )
September 20, 2004... Low volatility has made it increasingly difficult to make money in the secondary market for short-term investors, as well as for traders and salesmen. Investors say there would have to be a major sell-off or some sort of material bad news to...

The Word Is.(Brief Article)
September 20, 2004... No one wants to be the bearer of bad news, but given the stagnation of the high yield market in recent weeks, there is a feeling that anything to shake some action into the market would be welcomed by market participants. The US secondary...

Europe.(Kabel Deutschland )
September 20, 2004... German cable network operator, Kabel Deutschland (KDG) was the cause of much confusion in the European market last Wednesday, as the company's bond, issued in June, jumped higher in the secondary market from 102/102.5 to 108 at one point last...

Ratings.(corporate bonds)(Brief Article)
September 20, 2004... The global speculative-grade default rate fell to 2.3% in August from 2.9% in July, Moody's Investors Service reported. This is the largest month-to-month reduction in 2004 so far. The default rate is down from 5.2% at the beginning of 2004 and...

Feature.(forecasts and trends of European leveraged finance market )
September 20, 2004... The European leveraged finance market has made significant steps forward in 2004; deal flow has been strong, liquidity has improved, the investor base has diversified and new components have made appearances in capital structures. But, despite...

Market Buzz.
September 20, 2004... Anglo-Dutch steel maker, Corus reported a profit for the first time since it was formed in 1999. In a move much-anticipated by the market, the company then announced that as a first step to extend the maturity of its bonds falling due in...

Gainers & Losers: Salton/Delta.
September 20, 2004... Perry-Judd's, a graphic communication company, was one of the big gainers last week with its 10.625% notes of 2007 moving up 10 points to trade at 98.625. This was on the back of the company recently reporting much smaller losses than expected...

AMG Data Services.(high yield mutual funds )(Brief Article)
September 20, 2004... AMG Data Services reported inflows from high yield mutual funds of $258.3 million for the week ending September 15. This is the fourth consecutive week of positive inflows to the asset class and brings the year to date total flows into the...

US Company News.
September 27, 2004... It has a new chief executive officer, a cleaned up balance sheet and it is poised for a new beginning. But although Guy Sansone - managing director who served as HealthSouth's CFO when restructuring company Alvarez & Marsal took it in hand last...

Conference.
September 27, 2004... High yield investors mingled with equity professionals at the combined Banc of America Securities, 34th Annual Investment Conference, which took place at the Ritz-Carlton in San Francisco from September 20 to 23. More than 275 companies...

US Company News.
September 27, 2004... Presenting companies at Banc of America Securities' 34th Annual Investment Conference in San Francisco last week had to work hard to appeal to investors, who are currently having a hard time finding value in this overvalued market. Companies...

The Word Is.
September 27, 2004... There is no doubt that conference season is well underway as professionals across all financial markets gear up for a series of one, two and three-day events across the country. Even HYR has been getting into the spirit, sending its reporter,...

Europe.
September 27, 2004... In yet another step forward for the credit default swap (CDS) market - the fastest growing area of the burgeoning credit derivatives market over the past year - ABN Amro launched the first auto-execution (Auto-ex) service for single name CDS...

Market View.
September 27, 2004... High yield investors attending Banc of America Securities' 34th Annual Investment Conference were searching for new investment opportunities as they moved from presentation to presentation during the four-day event. And the high attendance at...

Profile.
September 27, 2004... The high yield group at Raymond James & Associates has been hard at work over the past year, and the efforts have certainly begun to pay off. Having created a niche for itself in the secondary market, where the company focuses on off-the-run...

Market Buzz.
September 27, 2004... To quote one particular European collateralized debt obligation (CDO) manager, the European high yield market last week went "from the sublime to the ridiculous." Or as another hedge fund manager put it, "What is it about this market that we...

Gainers & Losers: Flextronics/Intermet.(Brief Article)
September 27, 2004... Flextronics International was one last week's leading gainers according to Advantage Data. Its 9.875% notes of 2010 traded up 5.875 points to 87.375 on the back of the recent announcement of a large contract with both Ericsson and Motorola....