High Yield Report articles from September 2008

High Yield Report archives from September 2008

Clear Channel Set To Price $980M.
September 8, 2008... Clear Channel Communications is expected to price $980 million in bonds this week, possibly as early as Monday. Deutsche Bank is the lead underwriter. Other underwriting banks include Citigroup, Credit Suisse, Morgan Stanley, the Royal Bank of...

Head HY Trader Jumps Credit Suisse Ship For BofA.
September 8, 2008... Neil Yaris, most recently the head trader of high yield securities at Credit Suisse, is expected to join Bank of America in November as head of high yield sales and trading, BofA said last week. He will be based in New York and report to head...

HY Summer Slumber Continues.
September 8, 2008... The high yield market returned from its summer vacation last week, only to behave like it was still on vacation. Trading volumes were low and most moves on the secondary market were less than dramatic. The summer break appears to have enervated...

CDS Clearinghouse To Launch This Month.
September 8, 2008... There are plenty of things to look forward to this fall. If you're a fan of America's past time, there's the World Series. If you enjoy technologically-advanced cars, NBC is reviving "Knight Rider" (without Hasselhoff). And credit derivatives...

Dollar General's Debt Inches Closer To A Dollar.
September 8, 2008... Dollar General's debt ascended up the secondary market last week, as the Goodlettsville, Tenn.-based discount retailer did something most retailers have been struggling to: It posted a profit. On Wednesday, Dollar General reported that its...

As If! Thin Pipeline, Wide Spreads Make For Bogus Fall.
September 8, 2008... As a teenager, in that decade of yore known as the 1980s, I always had mixed feelings about this time of year. Back to school - lame. New clothes - bitchin'! Declining temperatures - bogus. A new season of "Dynasty" - gnarly! Today, I flat...

Q&A: Pokrzywinski Sees Good In Battered Sectors.
September 8, 2008... Gary Pokrzywinski dares to go where others fear to tread. While other portfolio managers avoid the financial and automotive sectors like the plague, Pokrzywinski is finding that there are good buys to be had. He has been the manager and head of...

A Fresh Look At Pricing In The Triple-A CLO Market.
September 15, 2008... Byline: David Ardini, Alex Yu, and Sam Peng Floating Rate Debt Group - Institutional Team, Franklin Templeton Fixed Income Par-based investors in the triple-A CLO market may soon have their sense of security tested. Many still apparently...

Time To Play "You Think You Got It Bad...".(Editor's Note)
September 15, 2008... Byline: Carol J. Clouse Brace yourself for the spectacular risk I'm about to take-I'm going to guess, right here, right now, that you've read all you want about our friends Fannie, Freddie and the Lehman brothers. As glued to their sagas...

Investors Hear The Call Of Investment Grade.
September 15, 2008... Byline: Matthew Sheahan As if there weren't enough economic and market forces keeping portfolio managers away from high yield bonds, the investment-grade bond market, with its abundant supply and larger-than-normal yields, may be wooing...

Where's The Beef? Banks Launch JBS Deal.
September 15, 2008... Byline: Richard Kellerhals Credit Suisse and GE last Thursday launched a $1.25 billion credit facility for JBS USA, a unit of SA[pounds sterling]o Paulo, Brazil-based beef processor JBS S.A. The debt will help fund the company's...

BCE's Bankers Waiting Out The Close Of Alltel.(Market Buzz)
September 15, 2008... Byline: Editorial Staff The underwrites of BCE's massive $33.3 billion debt package are planning to wait until the final closing of Verizon's acquisition of rural phone service provider Alltel, according to a source familiar with the...

New Lending Firms Get Ready For Business.
September 15, 2008... Byline: Richard Kellerhals In the days and months ahead, three new lending companies will open their doors for business. The firms, interestingly enough, have all been founded by former Merrill Lynch Capital executives who left the firm...

Steeply Discounted Deals Open Fall Season.
September 15, 2008... Byline: Matt Sheahan Like the new version of "Beverly Hills 90210," the high yield primary market is just not the same this time around. The new issues that kicked off the fall season of the junk bond market last week were smaller and...

A Quiet HY Market Reflects Scary Times.(The Secondary)
September 15, 2008... Byline: Matthew Sheahan Last week's high yield market again reflected the fears of investors as more bad news from the economic front dominated industry news. The relief that some investors felt over the government bailout of Fannie...

Some Thoughts On Lev Finance's New World Order.(Editor's Note)
September 22, 2008... Byline: Carol J. Clouse As those who have suffered through previous down cycles will tell you, the sky is not falling-it never really falls. But man, can it droop. And right about now, it's drooping like it longs to touch bottom. When...

Deutsche Bumps Fedorcik To Global Lev Debt Chief.
September 22, 2008... Byline: Editorial Staff After losing its global head of leveraged debt capital markets to Bank of America, Deutsche Bank has appointed firm veteran Mark Fedorcik to the role. Fedorcik will head up all of Deutsche's leveraged finance, high...

Market Meltdown Shapes New I-Bank Universe.
September 22, 2008... Byline: Matthew Sheahan With the bankruptcy of Lehman Brothers and the sale of its fixed income group to Barclays, along with Bank of America's purchase of Merrill Lynch, the credit markets are undergoing a massive change that will reshape...

Survival Of The Fittest For Lehman, Merrill Staff.
September 22, 2008... Byline: Richard Kellerhals One undeniable result of the sale of Merrill Lynch and the bulk of Lehman Brothers' North American investment bank is job loss. Throngs of capital markets players must now look elsewhere for work, or fight for...

Secondary Credits Light Up Pall Mall's HY Portfolio.
September 22, 2008... Byline: Savita Iyer-Ahrestani Since its inception in June 1999, London-based Pall Mall Investment Management's pioneering flagship Pall Mall High Yield Europe Plus Fund-one of the first dedicated long-only high yield bond funds to launch...

HY Secondary Reflects Financial Chaos.
September 22, 2008... Byline: Matthew Sheahan As the financial world was reeling from bank collapses, government bailouts and a nose dive in the stock market last week, the high yield market held its breath and waited for the next shoe to drop. Investors did...

Lehman, Merrill Loan Trades Will Close.
September 22, 2008... Byline: Richard Kellerhals Leveraged loan traders can rest assured that their open trades with Lehman Brothers and Merrill Lynch will either close or be grandfathered into another firm's book of business. Lehman has been on about 71...

CYA, Uh, Cover Your Assets - ABL Deals In Demand.
September 29, 2008... Byline: Richard Kellerhals While some loans may be senior secured, asset-based loans are not only senior secured, but are also guaranteed and carry a lifetime warranty against defaults. The number of these types of loans-secured by a...

Writing PE's Future-Why Didn't I Think Of That?(Editor's Note)
September 29, 2008... Byline: Carol J. Clouse I don't usually take up space here to tout the work of other columnists. I am human after all, and not free of jealousy when someone has a brilliant idea I wish had been mine. Especially when he works for The Wall...

Wide Spreads Not Spreading Joy, But Deals Abound.
September 29, 2008... Byline: Matthew Sheahan Earlier this month, credit spreads hit a five-year high. The wide spreads, coupled with the uncertain economic climate and the prospect of higher default rates, highlight problematic sectors and portend continued...

Banks To Shop $1B TLB For King Pharm.
September 29, 2008... Byline: Richard Kellerhahs Credit Suisse and Wachovia are hoping to inject some life into the leveraged loan market with a new $1 billion term loan B for King Pharmaceuticals, a Bristol, Tenn.-based drug company. Price talk has yet to be...

S&P: Worst Case? Default Rates Hit Nearly 25%.(Market Buzz)
September 29, 2008... Byline: Editorial Staff Based on their estimates of a worst-case scenario, the three-year cumulative default rate among speculative-grade nonfinancial companies will rise to 23.2% between 2008 and 2010, Standard & Poor's analysts said last...

NY Regulates CDS Market, Gov Urges Fed To Do Same.
September 29, 2008... Byline: Richard Kellerhals New York Governor David Paterson said last week that the state of New York will begin regulating the credit default swap market on Jan. 1 and that the federal government should follow suit. With credit...

HY Market Suffering Bailout Blues.(The Secondary)
September 29, 2008... Byline: Matthew Sheahan After addressing vociferous objections from some members of Congress as well as the general public, Congress announced major agreements on its $700 billion bailout plan Thursday afternoon, indicating it would likely...