Hints and tips:
...Triple-B [the lowest rung of IG] spreads are at about 120bp, whereas double-B high-yield is at 200bp. So you pick up 80bp from going from triple-B to double-B....
...More than half of single-B minus rated US companies would not be generating enough cash to cover their capital expenditure while servicing their debt by year-end, analysts at Moody’s project....
...Companies with double B or B plus debt ratings have received solid demand, while lower-rated single B and triple C rated companies have been forced to go to private credit lenders for financing....
...The loan is secured on a) his equity in the fund b) a bunch of SoftBank shares and c) his personal wealth....
...Whichever way, revenue is booked as receivables and squared off against payables, but no money ever has to change hands....
...These institutional investors had typically divided their assets between stocks and bonds....
...The UK bus and train operator FirstGroup recently said it was evaluating a £1.23bn offer from private equity group I Squared Capital....
...“We’re worried about deteriorating macro conditions, and that’s traditionally not the time when investors deploy a lot of capital into the single-B [corporate debt rating] risk.”...
...But from the start, Bankman-Fried improperly diverted customer assets to his privately-held crypto hedge fund, Alameda Research LLC (“Alameda”), and then used those customer funds to make undisclosed venture...
...When banks were racing to lend to companies and private equity firms at the start of the year, a US business with a lowly single B debt rating could expect an interest rate of roughly 4.74 per cent....
...Squared Capital, which used some of its $300m in proceeds to pay a dividend to partners....
...Citadel, based in Chicago, is one of the world’s biggest hedge funds with about $34bn in assets under management....
...Because both entities are deeply involved in this “space” and now need to a) feel better about themselves and b) guard against people going off crypto on the grounds that it is actually a Very Bad Thing....
...The company, whose roster of artists includes Cardi B, pictured below, and Meek Mill, priced towards the higher end of the range....
...Verisure, whose biggest shareholder is US private equity fund Hellman & Friedman, priced €200m of bonds with a single B credit rating, several notches below investment grade....
...have greater risk of falling off the edge quicker, but I don’t believe it will be the Armageddon that everyone thinks,” said Perry Mandarino, head of restructuring and co-head of investment banking at B...
...Brookfield Asset Management, the Canadian asset manager and one of the world’s largest real estate investors, is also interested....
...In the triple-B rated category, this might involve switching from Russia, Kazakhstan or Mexico to Colombia, Peru or Uruguay, while in the double-B world holdings could be transitioned from Ivory Coast, Oman...
...“There is no B any more, there is just A and T....
...I think that B assets are getting priced like A assets and A assets are getting priced like A+ assets,” he says....
...Dollar sovereign bonds have returned over 21 per cent which compares to 14 per cent in single-B emerging market sovereigns,” said Andrew MacFarlane, fixed-income strategist at Bank of America Merrill Lynch...
...Causeway Capital Management LLC, the LA hedge fund, has declared 4.88 per cent of Micro Focus....
...David Spegel, founder of Fundamental Intelligence, a consultancy, said the blowout in Pemex’s credit default swaps implied the market was already pricing in a downgrade to B+, “so, at the worst, for Standard...
...scope to accumulate non-concessional public debt at such a rapid pace without an increasing risk of debt distress,” said Fitch, which has cut its average sub-Saharan sovereign credit rating from BB- to B+...
...Last week traders and producers exported a record 3.8m b/d of US crude oil, data released on Wednesday showed....
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