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Maintain credit positions for sluggish recovery, recommends Deutsche
14 years ago
Investors should maintain credit positions for now, while accumulating long-spread positions by either selling treasuries, or paying fixed on interest rate swaps, says Deutsche Bank -
Lower demand for govvies will tighten corporate spreads, says JP Morgan
14 years ago
JP Morgan credit analysts point to a potentially significant imbalance between government bond demand and supply in 2010, which will put upward pressure on bond yields and lead to tighter corporate spreads. -
Laminate producer files for prepack chapter 11
14 years ago
US laminate manufacturer Panolam Industries International announced yesterday that it and its US affiliates filed for a prepackaged chapter 11 bankruptcy at the US bankruptcy court for the district of Delaware. -
US determinations committee announces credit event for CIT
14 years ago
The International Swaps and Derivatives Association today announced that its American Credit Derivatives Determinations Committee has voted to hold an auction for credit default swap transactions referencing commercial finance firm CIT. -
Expanding boutique hires emerging market credit specialist
14 years ago
Newscape Capital has hired Leonardo Da Costa as a portfolio manager in their fixed income investment team. -
Dexia exercises no-call for 18 November
14 years ago
BNP Paribas analysts report that Dexia has confirmed that it will not be calling its upper tier-two 6.25% bond on 18 November. -
Goldman Sachs downgrades US Steel
14 years ago
Goldman Sachs strategists dongraded US Steel from outperform to underperform. -
Lloyds announces exchange offer for upper tier-two
14 years ago
Lloyds released details of its exchange offer today with respect to 52 series of existing upper tier-two securities. -
CIT trading at default levels as it counts exchange votes
14 years ago
With CIT still counting votes on its exchange offer, which expired last night, five year credit default swaps on the commercial lender are now quoted at around 39 points upfront -
Goldman identifies refi-risk corporate curve opportunities
14 years ago
In its credit research this week, Goldman Sachs posited potential curve steepeners, identifying names with higher-than-normal refinancing risk. -
CLO manager consolidation picks up as Ares buys Allied
14 years ago
The credit market is seeing further CLO manager consolidation with news that Ares Capital is to acquire Allied Capital in and all-stock transaction valued at $648 million -
ING likely to pay hybrid coupons, says BNP Paribas
14 years ago
Commenting on ING's debt restructuring, BNP Paribas analysts highlight the likelihood of the bank paying coupons on its hybrid securities. -
Japan Airlines debt restructuring comes under fire
14 years ago
Troubled Japan Airlines's liabilities could exceed its assets by JPY800 billion ($8.8 billion) should the company be liquidiated, Reuters reports. -
Indebted construction company files prepackaged chapter 11
14 years ago
Construction company Nortek Inc, the operating subsidiary of Nortek Holdings, filed for a prepackaged chapter 11 bankruptcy at the US bankruptcy court for the district of Delaware today. -
Morgan Stanley says distressed debt trading lifts results
14 years ago
Morgan Stanley singled out distressed debt trading as one of its most profitable business lines in the third quarter, contributing to fixed income sales and trading revenue of $2.1 billion -
Safilo bonds climb despite risk of stakeholder walk-out
14 years ago
In a conference call held yesterday, Italian eyewear maker Safilo’s management highlighted that its major stakeholder, Hal Holding, could potentially walk away. -
Crossover repricing likely with rising default rate, says BNP Paribas
14 years ago
Contending that the risk premium in Crossover is shrinking quickly, BNP Paribas analysts point to the possibility of repricing should default rates surge beyond rating agencies’ current estimates. -
Maturity wall to ensure further refinancings, says Goldman Sachs
14 years ago
Goldman Sachs strategists estimate in their latest report that maturity extensions for $152 billion of debt will be necessary in order to take out the debt coming due between 2011 and 2014, and help reduce the size of the upcoming maturity wall. -
US and Europe investment grade inflows diverge, says JP Morgan
14 years ago
JP Morgan’s most recent credit research highlights the divergence between inflows from retail investors to US investment grade credit and inflows to sterling and euro-denominated funds. -
HeidelbergCement is still cheap, say trading analysts
14 years ago
BNP Paribas’ trading analysts recommend buying HeidelbergCement’s bonds and buying protection on the name. -
Car auction company gets heavy with lenders
14 years ago
A widely held loan issuer is at loggerheads with its senior lenders over its plans to pay down unsecured debt with the proceeds of an upcoming IPO -
ABN Amro asks tier-one holders to amend documentation
14 years ago
ABN Amro outlined the details of its legal separation, scheduled to take place in first quarter 2010. According to UniCredit analysts, the bank will be asking holders of its 4.31% tier-one bonds to accept changes to the bond’s documentation necessary for their transfer into the Dutch entity. -
Heidelberg's long-awaited bond meets investor demand
14 years ago
Appetite for high yield doubled HeidelbergCement’s total capital raised via its new, three-tranche issuance of €2.5 billion. -
KBC completes tier-one buyback
14 years ago
KBC announced yesterday that it completed the hybrid tier-one buyback on 13 October. -
Naftogaz failure-to-pay triggers credit event
14 years ago
Isda announced today that its EMEA credit derivatives determinations committee deemed that a failure-to-pay credit event has occurred with Ukrainian energy company Naftogaz.
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