Featured Articles

Healthcare Covenants In Poor Shape

Covenants of healthcare company junk bonds have been in declining health this year. Covenant quality for these companies is declining at a faster rate than the industry as a whole. Lower default rates are partly to blame.

Bulge-Bracket Cedes Ground on Smaller Deals

Some new players are breaking into high yield bookrunning.Bulge-bracket investment banks still dominate the underwriting league tables for larger deals. But they are ceding some ground on smaller deals, particularly those in the $100 million to $250 million range.

Judge Sides with Creditors in Trust-Preferred Bankruptcy Fight

A judge has ruled that the involuntary bankruptcy of FMB Bancshares in Lakeland, Ga., may proceed, a decision that could embolden more trust-preferred creditors to pursue a similar strategy. Involuntary bankruptcy has emerged in recent months as a tactic for trust-preferred holders seeking repayment.

Why to Keep an Eye on Waning Refis

Refinancing is not the driver of high yield bond and leveraged loan issuance that it was over the last two years, and that’s not necessarily a good thing. So far this year, 54% of the proceeds of leveraged loans and 59% of high yield bond proceeds went toward refinancing. But that’s down from this point in 2013.

HY New Issue Market Poised to Return

The primary junk bond market, which has resembled a ghost town for the past two weeks, is poised to come back to life in September, with new issues totaling more than $42 billion on tap. Larger deals may hold the most appeal for some buyers.

Constellation Delevering With Beer Flows

Constellation Brands’ fast growth in the beer business is diversifying what has been a traditional wine and spirits operation–and also leading the way for plans to reduce $6.8 billion in net debt obligations, which include a $990 million term loan repricing that hit the market last week.

Why Junk Debt Hasn't Sold Off More

Retail investors are fleeing high yield bonds funds at a record pace of $7.1 billion this week, forcing fund managers to tap their cash reserves and sell some of their most liquid holdings to fund redemptions, even if they feel that the correction is a technical one.

Third Exchange is the Charm for Verso

Verso Paper pulled off a debt exchange it needs to complete its $1.4 billion merger with NewPage Holdings after sweetening the terms for subordinated bondholders a second time and lowering the percentage of acceptances required.

CLO Warehouse Financing Makes a Comeback

The entrance of new equity investors, including business development corporations and CLO equity funds, willing to contribute the first-loss piece has led to a return of warehouse bridge funding lines that dried up after the financial crisis.

Credit Managers Maintain Positive Outlook

The outlook for credit spreads in the coming three months remains slightly optimistic for high-yield investors, despite expectations of growing corporate defaults, according to the latest quarterly member survey from the International Association of Credit Portfolio Managers.

CLO Investors Flocking to AAA Paper

While the Volcker Rule gets blamed for the sudden lull in CLO issuance in January and February, it’s now getting some credit for helping one aspect of the roaring comeback of collateralized loan obligations: the infusion of new primary investors in AAA tranches.

Zebra to Swallow $3.45B Elephant

Zebra Technologies agreed to purchase the enterprise business of Motorola Solutions, which had sales of $2.5 billion in 2013, for $3.45 billion in an all-cash transaction. Motorola's enterprise sales are more than twice those of Zebra.

S&P: Long-Range Risk in Deluge of New ‘B’ Issuers

A record rise in the number of first-time, single “B”-rated issuers has Standard & Poor’s concerned that a greater number of companies will be at risk of default in the event of a slowdown in the U.S. economy

Investors Stand Firm on Non-Call Periods

Just when you thought that risky corporate borrowers were getting away with everything, investors are demonstrating that have at least a little fight left in them. High yield bonds are in such high demand that investors have been willing to give up all kinds of protection in order to put their money to work. But non-call periods are a line in the sand.

Moody’s Turns Negative on Gaming

Moody’s Investors Service downgraded its outlook on regional casino operators, to negative from stable after 15 of 18 states reported declining year-over-year gaming revenues for consecutive months. The weaker-than-expected results were surprising.

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Eric Needleman


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