High Yield Report articles from September 2005

High Yield Report archives from September 2005

Market View: Katrina Could Hurt Airlines, Autos.
September 12, 2005... As the US Gulf Coast region begins picking up the pieces after one of the most devastating natural disasters in the nation's history - Hurricane Katrina - players in the leveraged loan and high yield bond markets are still assessing the...

US/Europe: US Investors See More 144a Life Deals From Euro Issuers.(Securities and exchange commission puts rule on investors)
September 12, 2005... The US appetite for European high yield bonds has historically been tempered by concerns over bond liquidity and issuer transparency. However, over the past five years or so, such apprehensions from US investors have not deterred some European...

US Market Perspective: HY Market Sputters Into September.
September 12, 2005... At a cursory glance, the August US high yield market seemed brimming with potential drama. Yet strong new issuance in the first half of the month gave way to a sharp drop-off in the second half, with only $1.6 billion of August's total of $6.3...

Emerging Markets: Experts See Golden Age' For Emerging Market Economies.
September 12, 2005... Financial crises in emerging market economies have often been a main topic of discussion at the International Monetary Fund's and World Bank Group's annual meetings, which serve as a venue for government representatives, officials from...

Credit: S&P, Moody's Default Rates Inch Up.
September 12, 2005... The Standard & Poor's global corporate speculative grade bond default rate rose to 1.79% at the end of August, up from 1.71% in July and higher than the eight-year low of 1.58% recorded in March 2005. Meanwhile, Moody's Investors Service...

AMG Data Services.
September 12, 2005... High yield mutual funds reported inflows for the week ended September 7 of $84.5 million, according to AMG Data Services. Inflows were reported by 223 funds, while 154 funds reported outflows. (c) 2005 High Yield Report and SourceMedia,...

Gainers & Losers: Rexnord/Northwest.
September 12, 2005... Ford Motor Company was active in trading once again last week, and its bonds traded up despite Ford's downgrade by Moody's Investors Service on August 24. Ford is planning to sell its Hertz Corp. rental car unit to a global private equity...

Market Buzz.
September 12, 2005... Calyon Corporate and Investment Bank announced last week that it has appointed Andrei Korolev as head of high yield trading, based in London. Korolev previously worked for four years at BNP Paribas in London as senior trader for European high...

Derivatives: CDS May Make Workouts Trickier.(credit default swaps)
September 19, 2005... Executives at distressed companies have been well aware of the looming deadline to file for bankruptcy before the US bankruptcy laws change on October 17. That's because after the changes take effect, under the Bankruptcy Abuse Prevention and...

US Company News: Take Your Pick: New Issue Calendar Heats Up Again.
September 19, 2005... The US high yield forward calendar has begun to heat up again, as prospective issuers continue to tap investors heaving with cash they want to put to work. After August's weak finish in the primary market, and with secondary bargains becoming...

Europe: Fears Of Euro HY Oversupply Hold Up Market.(High Yield bond market)
September 19, 2005... Wind Telecomunicazioni, TIM Hellas Telecommunications, Amadeus Global Travel Distribution and ISS Global. The jumbo financings for these companies have been the subject of daily conversation in the European leveraged finance market for...

Distressed Debt: Unsecured Creditors' Recovery Bleak For Delta, Northwest.(Delta Air Lines Inc., Northwest Airlines Corp., bankruptcy)
September 19, 2005... Northwest Airlines Corp. and Delta Air Lines, Inc. finally met their bankruptcy fate last Wednesday, leaving them now with the crucial dirty work of restructuring. For unsecured bondholders, though, there may not be a lot of light at the end of...

CDOs: CSAM CBO Passes Threshold.(Fitch Ratings of collateralized bond obligations of Credit Suisse Asset Management Inc.)
September 19, 2005... Following the breaching of its interest default test, Fitch Ratings took several actions on Credit Suisse Asset Management's CSAM High Yield Focus CBO last week. The vintage collateralized bond obligation (CBO) saw Fitch upgrade the A-1 class...

European Restructuring: UK Pension Legislation Affects M&A And Restructuring Activity.
September 19, 2005... by Steven Pearson, partner at PricewaterhouseCoopers LLP (PwC), London, and Peter Spratt, managing director at PricewaterhouseCoopers Global Restructuring Services LLP, New York Consider this. Your big, new, leveraged buyout (LBO) deal is...

AMG Data Services.(high yield bond fund ouflows)(Brief Article)
September 19, 2005... High yield bond funds saw outflows of $119.6 million last week, bringing the year-to-date outflow total to $8 billion, according to AMG Data Services. (c) 2005 High Yield Report and SourceMedia, Inc. All Rights Reserved. ...

Gainers & Losers: Charter/Delta, Northwest.(Charter Communications Inc.)(Owens-Corning Fiberglas Corp.)(Southern Energy Homes Inc.)
September 19, 2005... Owens Corning topped the gainers list last week, after Senate Judiciary Committee chairman Arlen Spector called for the Senate to vote on the asbestos bill in October. The bill would create a $140 billion fund to aid victims of asbestos...

Market Buzz.(Crowell and Moring L.L.P. appoints Morris F. DeFeo, Jr.)(Oppenheimer Holdings Inc. appoints Gregory J. Hahn)(Fidelity Investments launches Fidelity Strategic Real Return Fund)
September 19, 2005... Crowell & Moring LLP announced last week that it has hired Morris F. DeFeo, Jr. as a partner in the firm's corporate group. DeFeo, who will be based in Washington, D.C., most recently worked as managing principal of Miles & Stockbridge's...

US Company News: Entergy Bonds Slump On Ch. 11 Fears.(bankruptcy protection to Entergy Corp.)
September 26, 2005... Utility giant Entergy warned it might seek bankruptcy protection for its New Orleans subsidiary after suffering up to $1.1 billion in damages from Hurricane Katrina, sending the unit's bond prices tumbling. The storm caused $325 million to $475...

Market View: Fed's Move Baffles Some Junk Pros.(Federal Reserve board)
September 26, 2005... The Federal Reserve Board's decision last week to keep increasing interest rates took some in the high yield bond market by surprise and is causing market observers to wonder if the recent signs of upturn in junk could be chilled by the specter...

Secondary Trading: NYSE Could Further Impair Old School' Trading.
September 26, 2005... The decision by the New York Stock Exchange (NYSE) to pursue the expansion of its automated bond system (ABS) may represent one more nail in the coffin for old school bond traders. Many market players view the NYSE's proposal, which would...

Sector Analysis: Satellite Radio Cos: Market Darlings With Triple-C Ratings.
September 26, 2005... In a fledgling business that demands high capital expenditures, the two companies that comprise the US satellite radio industry are receiving mixed messages from the markets and ratings agencies. That's because while the agencies are staunch in...

Banks: Wachovia Ramps Up Sales, Trading, Research.
September 26, 2005... Wachovia Securities wants its high yield sales, trading and research business to be as strong as its burgeoning high yield underwriting business, according to Gary Palmer, managing director and head of leveraged distribution at the bank. That's...

Profile: Legal & General: Seeking Regular, Dependable' HY Investments.(high yield funds)
September 26, 2005... Companies with dreams of potential growth, far-flung aspirations, and visions of grandeur are not David North's cup of tea. Instead, Legal & General Group's associate director of global high yield bonds and manager of the UK investment...

AMG Data Services.(Brief Article)
September 26, 2005... High yield mutual funds reported outflows of $329.1 million for the week ended September 21, according to AMG Data Services. Outflows were reported by 240 funds, while 129 funds reported inflows. This constitutes the second straight week of...

Gainers & Losers: Fedders/Delphi.
September 26, 2005... General Motors Corp.'s bonds traded up last week on the back of news that billionaire investor Kirk Kerkorian boosted his equity holdings in the company by $13.1 million to 9.53% of total shares. Some expect that Kerkorian's hand may bring more...

US Company News.(Calpine Corp.)
September 26, 2005... The hype stemming from complaints from some of Calpine Corp.'s bondholders that the company is misusing proceeds from an asset sale translated into a dip in trading levels for the company's bank and bond debt last week. The company's debt...

Market Buzz.
September 26, 2005... Last week, Fitch Ratings downgraded three classes of notes and affirmed one class of notes issued by the Wilbraham CBO, a collateralized debt obligation (CDO) managed by Babson Capital Management. Fitch downgraded $19 million of class A-2 notes...