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...He added: “We make a decent three times our cost of capital in music.” For BMG, Rabe said, there could be significant economies of scale from a merger or acquisition of a rival....
...The owner of the B&Q, Screwfix and Castorama DIY chains has warned that profits will fall this year, piling pressure on the group to accelerate its turnaround plan....
...Companies to have defaulted in February included US ferry and cruise operator Hornblower, US software group GoTo and UK cinema group Vue Entertainment International....
...Anyway, back to the S&P report. They reckon that debt maturities of firms rated single-B or lower will be around $310bn in 2025, rising to $400bn in 2026....
...) big enough to make a meaningful impact on Berkshire’s earnings, (b) possible to reliably value, (c) have trustworthy and competent management, and (d) are available at a reasonable price....
...In contrast, the S&P 500’s price-to-book ratio is close to the record 5 times it touched in 2021 and 2000 (the Nasdaq’s P/B ratio is close to 7.5 times)....
...The complexity of Thames Water’s capital structure means that bondholders are now jostling for position, with rival groups banding together and hiring restructuring advisers....
...The IEA report played down longer term supply concerns, saying that while the 22 countries in the wider Opec+ group had been cutting production, removing close to 2mn b/d from the market since the end of...
...“It’s heavily skewed towards stuff . . . that’s been downgraded over time from single B.” Triple C issuers listed on Ice BofA’s index include Dish, the TV group that recently merged with EchoStar....
...Digging through the data of S&P Global offers surprising findings. Sub-Saharan African sovereigns rated in the B category between 2010 and 2023 defaulted in 22 per cent of all cases within five years....
...d to 13mn b/d by 2027....
...The deal will bolster its Capital IQ Pro platform and allow for forward financial modelling....
...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....
...The £1.3bn of so-called class B debt, which is still inside the ringfence but has a lower-ranking claim on the company’s cash flows, could be hit with even deeper 35-40 per cent impairments....
...You can get a deal done for a double-B senior loan at a 300-350bp spread all day long. That market’s wide open....
...The group of senior class A and subordinate class B bonds are securitised at the operating companies....
...The P/B ratio measures the market value relative to its book value....
...The S&P 500 is not yet quite as expensive as it was in the zero-rate, fiscal bonanza, everyone-has-loads-of-cash glory days of 2021. But it is getting closer....
...Fitch Ratings downgraded Vanke in October from triple B plus to triple B, citing weaker than expected sales....
...Of the 447 universities with a credit rating from S&P Global Ratings, more than a third are rated triple B plus or below....
...The rating agency in May cut SoftBank’s long-term credit rating from double B plus, its highest non-investment grade, to double B following record investment losses....
...But a consortium of private capital groups and some of Equinox’s existing investors averted the crunch by arranging the refinancing....
...market access for oil and gas issuers”, S&P found....
...[enlarge] Here comes the B word. Peak hard Brexit angst?...
...Many are now snapping up options tied to the S&P that profit if the market keeps on rising....
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