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IN BRIEF.(FUTURES & BONDS)
Byline: Compiled from Reuters
Move Awaited In Euro Junk Bonds
Issuance in the European junk bond market could return to life soon as turmoil sparked by the downgrades of General Motors and Ford fades, said Eric Capp, head of European high-yield capital markets at JPMorgan Chase. Many recent new issues are trading above par again. Traders say hedge funds are starting to dip into the high-yield market as volatility subsides.
Laidlaw Debt Rating Upgraded
Standard & Poor's raised Laidlaw International's debt rating to investment grade from junk, citing the sale of the company's health care businesses. Laidlaw, parent company of Greyhound Lines, used a portion of the sale proceeds to pay down debt, S&P said.
Elan Retires Debt Due In 2008
Irish-based drug maker Elan Corp said it had retired $211.8 million of debt due in 2008 and agreed to pay off a further $31 million, reducing its annual interest costs by about $16 million.
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