Hints and tips:
...Wall Street lenders step in when a takeover is first struck, guaranteeing to provide loans, junk bonds and revolving credit facilities for the deal....
...These factors have led us to view conditions for the entire automotive industry as much worse than we previously assumed....
...Glazer also made money in junk bonds. It was Joel who persuaded his father to pay $192mn for the Buccaneers....
...“To make the transition to EV, they have to totally reinvent themselves,” said Luke Junk, an analyst at Baird....
...Junk....
...But they were ordered to junk that in favour of a more generic Treasury-led “Build Back Better Plan For Growth”....
...In May, rating agency S&P downgraded Rolls-Royce by two notches, giving it a speculative “junk” rating for the first time in 20 years....
...Curbs on junk food advertising and promotions are being introduced in the UK and elsewhere, while the market in sugar substitutes is booming....
...Significantly, Ford has slipped to a junk credit rating, while GM and Fiat Chrysler have maintained their investment grade ratings....
...He managed to “make margins and create enthusiasm that I haven’t seen in Seat for 10 years”, said José Asumendi, an automotive analyst at JPMorgan....
...The average score for automotive companies is 12 per cent, WBA said — the lowest score ever. Two-thirds of the companies scored zero across all human rights due diligence indicators....
...Last week, rating agency Standard & Poor’s cut Renault’s bonds to junk, while the carmaker also cancelled its dividend and said executives would take pay cuts during the crisis....
...“The high end market is the market you really want to be growing in,” said Kai Mueller, vice-president of European automotive research at Bank of America....
...In February, Moody’s downgraded Renault’s debt to “junk” status....
...“The erosion in Ford’s performance has occurred during a period in which global automotive conditions have been fairly healthy,” Moody’s said....
...On Monday, John Bozzella, the chief executive of the Alliance of Automotive Innovation, which represents major carmakers doing business in the US, warned that many car dealers would “lack the cash reserves...
...His first experience with the automotive industry was during the five and a half years he spent in the Philippines, where the trading house had a joint venture with Mitsubishi Motors....
...Moody’s last month dropped its rating for Ford’s debt to junk status, citing in part weak earnings and cash generation during the turnround....
...That led to the liquidation of trillions of value in stocks and junk bonds....
...The big agencies rate Italy at two notches above junk status....
...The two units are now combining into a new holding company that is looking to raise a £525m-equivalent five-year junk bond, split into sterling and dollar pieces....
...It could be a sacred scroll or a form of automotive calligraphy, made ancient by humble New York dirt....
...Just a week ago it agreed to pay A$400m for the refrigerated logistics business of Australia’s Automotive Holdings....
...As the low-yield world muddles along, investors are increasingly piling into junk debt issued by private equity-owned companies....
...RSVP: DDrsvp@ft.com —–In a world where asset managers are falling over themselves to buy junk bonds at rock-bottom interest rates, how do advisers to private equity firms add value to debt sales backing...
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