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Triple-B and cyclical credits may underperform, says Goldman
14 years ago
In their latest research, Goldman Sachs credit strategists reported that lower-rated names and credits of cyclical sectors show a pattern of sensitivity to mutual fund flows, while bonds with concentrated ownership by mutual funds are not necessarily sensitive to flows. -
BNP Paribas paints mixed picture for bank capital
14 years ago
Highlighting some of the uncertainties for financial issuance in 2010, BNP Paribas’ weekly credit research notes that issuance should stay strong for senior issuance. -
Drop restructuring for CDS index trades, posits Bank of America/Merill Lynch
14 years ago
Bank of America/Merrill Lynch credit analysts posit a compromise for the restructuring credit event. -
Barclays forecasts 2010 new issuance at $750 billion
14 years ago
Barclays Capital analysts expect a decline in gross fixed-rate issuance in 2010, to around $750 billion. -
Portfolio managers pushed into high-beta hunt, says Goldman Sachs
14 years ago
Record-setting flows into investment grade and high yield mutual funds this year have led Goldman Sachs credit strategists to suspect that resulting mandates have left portfolio managers with no choice but to chase high-beta credits. -
Moody's expects high yield defaults to peak at 12.5%
14 years ago
Moody’s expects the global speculative default rate to peak at 12.5% by the end of this month. -
A new capital cushion instrument is born, says BNP
14 years ago
With the recent announcement of Lloyds’ exchange offer for new enhanced capital notes (ECNs), BNP Paribas credit analysts suggset that these instruments, called contingent convertibles (“cocos”) may be better suited to act as a capital cushion for banks. -
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. -
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. -
CIT files for prepackaged bankruptcy
14 years ago
CIT Group and CIT Group Funding filed for a pre-packaged, chapter 11 bankruptcy on Sunday at the US bankruptcy court for the southern district of New York. -
RBC downgrades Telecom Italia's eurobonds
14 years ago
RBC credit analysts downgarded Telecom Italia's euro-denominated cash bonds from sector perform to underperform. -
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. -
RBC downgrades BSkyB on bond valuation
14 years ago
RBC credit research downgraded British Sky Broadcasting from outperform to sector perform. -
Extension premium in lower tier-two's remain, say BNP Paribas
14 years ago
BNP Paribas analysts claim that lower tier-two bonds are still attractive, despite the reduction in the extension premium seen in recent months. -
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. -
Bank of America/Merrill Lynch highlights credit market split
14 years ago
Bank of America/Merrill Lynch highlights the divergence in the credit markets between high-priced new issues and lower cash price secondary bonds. -
BNP Paribas expects further tier-one coupon deferral
14 years ago
BNP Paribas analysts contend that Dexia is likely to defer coupon payments. -
Loan default rate rises with more bankruptcies, says Barcap
14 years ago
Barclays Capital’s US credit research reports that the loan default rate has risen. -
US credit and equity offer comparable value, says Goldman
14 years ago
Goldman Sachs strategists report in their recent research that US investment grade cash credit and equities now offer comparable relative value. -
Pharma credits contain patent risk, says UniCredit
14 years ago
UniCredit recommends a cash bond trade today on Sanofi-Aventis and Roche. -
Loan to bond financing ratio may shift, says SocGen
14 years ago
Societe Generale’s credit research today reports that the loan financing to capital market financing ratio may change. -
Aviva tier-one still an opportunity, says BNP
14 years ago
Aviva’s tier-one perpetual bond has had a phenomenal run in recent weeks, analysts at BNP Paribas report. -
Potential event risk for Berry Plastics, says CreditSights
14 years ago
CreditSights analysts highlight the potential event risk related to Berry Plastics’ financial sponsor, Apollo Management in their most recent piece on the company.
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