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Fertiliser production: Caught in a bleak midwinter
9 years ago
Fertiliser makers have invested to prepare for growth – but the outlook is wintry and their cash is dwindling. -
Toys R Us: Trouble in toy town
9 years ago
One of the world's biggest retailers may be just one bad quarter away from a debt restructuring – or bankruptcy -
Residential mortgages: Servicers feel regulatory chill
9 years ago
Intervention by regulators and a lack of new assets is freezing growth among US distressed mortgage servicers -
Corporate accounts: untangling ebitda
9 years ago
Ebitda is central to understanding a company's credit risk – but the truth it tells about earnings is often hidden in a tangle of other data -
Project finance: solo investors bridge funding gap
9 years ago
Deals with a single large investor seem to be the only way to overcome Europe's €2 trillion hole in infrastructure financing -
IT operations software: incumbents wary of threatening cloud
9 years ago
Companies that make software for IT operations are milking an ageing cash cow. If they can't compete in the cloud, their leverage looks to be unsustainable -
Distressed debt: Chilling news for investors
9 years ago
Recent rulings by US courts could remove a central plank from loan-to-own buyers' strategies -
Catastrophe insurance: A storm is brewing
9 years ago
A select group of credits make a living from the catastrophe business. But soon they may be the ones in need of help -
Corporate pensions: What lies beneath?
10 years ago
Unfunded corporate pension liabilities are shrinking. But many companies make it difficult to estimate the true scale of their shortfalls
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Paper makers: Trying to avoid the crunch
10 years ago
Paper companies' paper is in danger of being worth less than the paper it's printed on. But some companies are finding ways to survive -
Toll road operators: Caution: no traffic ahead
10 years ago
With a monopoly that everyone uses, toll road companies would be perfect borrowers – if only their roads weren't so empty -
Indian banks: Bond holders face bumpy ride
10 years ago
India's sickly state-owned banks – which are widely owned by international credit investors – could soon be downgraded to junk -
The seatbelt sign has been turned off
10 years ago
Investors are learning to love airline bonds with aircraft collateral – but they may yet encounter turbulence. Euan Hagger reports -
Puerto Rico: The US basket case
10 years ago
Real-world credit may be a grim shock for Puerto Rico after years of government profligacy and tax breaks for US investors that kept its borrowing costs low -
Cable operators: Event risk has investors in a bind
10 years ago
Acquisition could turn various US investment grade cable operator bonds into junk – and there are no change of control covenants that would let holders escape. Euan Hagger reports -
Native American gaming: Lenders wary of dances with wolves
10 years ago
Native American sovereign nations aren’t subject to the same rules as US corporates – which makes agreeing a restructuring a long and painstaking process -
High yield debt: Bonds-to-go are bad for you
10 years ago
Portable bonds give borrowers the option of a quick, cheap change of management – which could make them rather unhealthy investments -
Spotlight on retail: Penney dreadful
10 years ago
JC Penney’s catastrophic trading strategy is proving a case study in subordination risk for bond investors -
European directories: Hibu seeks lifeline online
11 years ago
Loans in the recently re-christened UK directories company have lost 80 per cent of their value as long term investors scramble for the exit -
Chinese property credits: in from the cold
11 years ago
Increasingly prudent financial management by Chinese developers is turning their bonds into hot property among yield hungry US investors
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