High Yield Report articles from September 2006

High Yield Report archives from September 2006

Market View: Investors Hold The Cards In Q4.(financial)
September 11, 2006... Most market participants are expecting the proverbial storm of deal flow that usually follows a period of calm. Issuance was all but dead during the last weeks of August, but the forward calendar increased significantly during that time. ...

European News: Ample Mezzanine Debt To Continue in Europe.
September 11, 2006... A bumper E1 billion mezzanine tranche for financing Warburg Pincus and Cinven's acquisition of Dutch cable companies Casema and Essent Kabelcom-a deal that will also merge those entities with Multikabel and create a cable giant-has once again...

Market View: How Will Junk Perform In Down Cycle?(credit markets)
September 11, 2006... Veteran high yield investors, having weathered multiple downturns in the credit markets, certainly understand the meaning of the word "junk." In meltdowns of the past, junk investors turned into just that - the suckers holding the bag when much...

CDOs/CLOs: Churchill Acquires CDO Manager.(Centre Pacific L.L.C.)(Brief article)
September 11, 2006... Churchill Financial Holdings last week announced plans to acquire CDO manager Centre Pacific LLC - a move that will create another player in the rapidly growing middle market loan CLO space. The number of middle market CLO managers has tripled...

Market Buzz: Hyperion Brookfield Forms High Yield Investment Team.(Richard M. Cryan, Mark Shipley and Dana E. Erikson joined)
September 11, 2006... Hyperion Brookfield Asset Management announced last week the formation of its high yield investment team. Joining as managing director, senior portfolio manager and head of the high yield team is Dana E. Erikson, who was most recently head of...

Gainers & Losers.(Brief article)
September 11, 2006... Metaldyne Corporation topped the gainers list last week as news broke that the company has agreed to become a subsidiary of Asahi Tech, a Shizuoka, Japan-based company. According to releases from both companies, the acquisition, which is set to...

CDOs: Wachovia Builds European CDO platform.(Wachovia Securities Inc., collateralized debt obligations)
September 18, 2006... Wachovia Securities is extending its U.S. global rates and CDO platforms into Europe. The bank has made a number of hires both within its London-based global rates group and in Germany to support its growing European commercial real estate...

Deal Monitoring: Moody's To Assess Strength of Bond Covenants.
September 18, 2006... Moody's Investors Service announced plans this fall to introduce a new covenant research and assessment framework for non-financial corporate issuers. The move comes as corporate strategies have become more aggressive and inadequate document...

Europe: Impress Metals Deal Points To Fall Flood.(Impress Metal Packaging Holdings B.V.)
September 18, 2006... Fall is just around the corner, and high yield market participants in Europe are in great spirits as they gear up for a jumbo E1 billion bond offering from Dutch packaging company Impress Metals, and what promises to be a busy and fruitful...

Europe: SME CLOs Rising in Europe.(small and medium enterprise, collateralized loan obligations)
September 18, 2006... European securitization of small and medium enterprise (SME) financing has experienced strong growth since 1999. SME transactions reached 5.3% of total European ABS issuance in 2005 and represent 2.5% of Euro asset-backed volume year-to-date....

Deals: GMAC: Don't Expect Deal...Just Yet.(Interview)(Brief article)
September 18, 2006... In response to various news reports hailing its imminent return to the bond market, General Motors Acceptance Corp. (GMAC) told High Yield Report it has no such deal in the pipeline currently. However, the company didn't rule out the...

CDO Manager Changes Name.
September 18, 2006... Cohen Brothers & Co. last week announced it has changed its named to Cohen & Company. Chris Ricciardi left earlier this year as head of CDO origination and structuring at Merrill Lynch to become the chief executive of Cohen, a...

Leveraged Loans: European Loan Market Comes to America.
September 18, 2006... European bankers saw their summer holidays shortened this year, as new deals in the white-hot leveraged loan market hit the market right up to the end of August. But as the European leveraged loan market becomes more Americanized, the tighter...

Gainers & Losers: Delphi/Bally.(Bally Total Fitness Holding Corp., Charter Communications Holdings LLC)(Brief article)
September 18, 2006... Delphi Corporation made the gainers list last week after a bankruptcy court hearing that had been delayed at least three times since the company asked for permission to scrap labor agreements and cut wages on March 31 was rescheduled to resume...

Market Buzz: Default Rates Slip In August.
September 18, 2006... Moody's Investors Service reported that the global speculative grade corporate default rate for the 12 months ending Aug. 31 slipped slightly to 1.6% from 1.7% in July. Moody's forecasts this default rate will rise only marginally over the next...

Deals: Loan Volume Robust As High Yield Bonds Drop Off.
September 25, 2006... The combination of historically low interest rates, an active M&A market and multibillion-dollar buyouts has caused leveraged financing to soar over the last couple years. But what's often lost in the frenzy is how the split between leveraged...

Sector Focus: Utility M&A Indicates Strength of Sector.
September 25, 2006... With the recent expansion of both traditional coal plants and integrated gasification combined cycle (IGCC) plants in the US totaling 25,031 plants announced year-to-date, it's difficult to ignore the financial surge in the utility sector....

Liquidity: Can Market Shrug Off Another Ford Downgrade?
September 25, 2006... The further descent of Ford Motor into the depths of the high-yield bond market is raising concerns among junk investors that declining credit quality, which has been a non-issue for several years, could return to plague the market. Last...

Profile: Pali CDO Biz Taps Middle Market Investors.(Pali Capital's collateralized debt obligation )(Company overview)
September 25, 2006... Since its inception more than a year and a half ago, brokerage firm Pali Capital's collateralized debt obligation (CDO) structuring business has provided new options for middle market insurance companies, smaller banks and wealth management...

Europe: CRE CDOs Ready To Roll, But Challenges Remain.(commercial real estate, collateralized debt obligations)
September 25, 2006... Europe's first CDOs backed by commercial real estate (CRE CDOs) are expected to hit the market this autumn. But as the much-anticipated structure comes to the continent, rating these deals is still proving difficult. Meanwhile, the first...

Gainers & Losers: Cooper/Dura.(Cooper Tire and Rubber Co., Symantec Corp.)(Brief article)
September 25, 2006... Cooper Tire and Rubber Company settled near the top of the gainers list last week following the announcement of plans to gain $170 million by the end of 2008 through cost cuts and profit improvements, according to an official filing. The...

Market Buzz: Market Axess Increases High Yield Trading Platform.(Credit Suisse Group)
September 25, 2006... MarketAxess Holdings, the operator of an electronic trading platform for US and European high-grade corporate bonds, emerging market bonds and other fixed-income securities, announced last week the addition of Credit Suisse to its high yield...