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Corporate bonds
Tech companies cash in on ‘frothy’ stock rally with convertible bond sales
...The S&P 500 has hit multiple record highs over the past month, while the tech-dominated Nasdaq Composite was within touching distance of its own record this week....
February 29, 2024
US economy
US junk loan defaults surge as higher interest rates start to bite
...Rating agency S&P believes that the 12-month trailing loan default rate could rise to its long-term average of 2.5 per cent by next March, up from 1.42 per cent in April 2023....
June 13, 2023
FT Live
Moral Money Summit Asia
Strategies for greener, fairer capitalism
Wednesday, 4 SeptemberSingapore
Sovereign bonds
Record-breaking global bond rally crumbles as fresh inflation fears grip investors
...The resulting rise in bond yields has also upset a rally in the stock market, with the S&P 500 losing 2.7 per cent in the past week....
February 26, 2023
Capital markets
Debt woes mount for US healthcare sector as interest rates rise
...The healthcare services subsector is “most vulnerable” because it has “the lowest margins and is most exposed to high labour costs”, S&P added....
February 1, 2023
Corporate bonds
Risky oil companies snap up $20bn in junk bond record
...In January, S&P Global Ratings cited an accelerating energy transition to clean fuels as it increased its oil and gas industry risk assessment to “moderately high” from intermediate....
March 22, 2021
Carnival Corp
The $24bn dash for cash that kept Carnival afloat
...The fundraising was a lifeline, giving the company enough money to last until the end of the year, according to estimates from S&P Global Ratings....
April 23, 2021
FT Live
Strategies for Trading Interest Rate Volatility
Understanding the rate environment and capitalising on fluctuations
Thursday, 20 June71 Basinghall Avenue, London EC2V, UK
Carnival Corp
Carnival to sell $1.6bn unsecured bonds as virus pressure eases
...John McClain, a portfolio manager at Diamond Hill Capital Management, said the company’s recent moves to raise cash in equity markets had provided some protection to investors willing to lend in the bond...
November 19, 2020
News in-depthCapital markets
‘Just not functioning’: quotes from a tumultuous year in markets
...‘This is a high investment-grade company that is now borrowing at usury rates’ John McClain of Diamond Hill Capital Management April 1: Coronavirus-hit cruiser operator Carnival has to pay double-digit...
December 30, 2020
Ford Motor Co
Ford to pay nearly 10% on new debt to plug losses
...Ford carries a junk rating from agencies Moody’s and S&P, but its bonds are still eligible for the Federal Reserve’s corporate bond buying scheme....
April 17, 2020
News in-depthCorporate bonds
Riskiest US companies are left behind in rush to buy debt
...More than 100 US companies have defaulted on their debt so far this year, according to S&P....
June 26, 2020
News in-depthCorporate bonds
Downgrades flood junk bond market with ‘fallen angels’
...“This could lead to meaningful dispersion in returns between managers,” said John McClain, a portfolio manager at Diamond Hill Capital Management....
April 7, 2020
High yield bonds
Twitter plans first foray into junk bond market
...The rating agencies Moody’s and S&P Global referred to Twitter’s strong cash position in rating the company’s debt double-B and double-B plus, respectively....
December 4, 2019
Leveraged loans
Loan funds on course for worst outflows on record
...“It is a function of the market not loving leverage,” said John McClain, a portfolio manager at Diamond Hill Capital Management....
August 22, 2019
News in-depthOn Wall Street
Funds survey the wreckage of a debt-fuelled energy bust
...“There are a number of really stressed energy companies,” said John McClain, a portfolio manager at Diamond Hill Capital Management. “They are really dragging the overall energy sector down....
May 17, 2019
Altria Group Inc
Altria’s $11.5bn bond sale meets strong investor demand
...Brennan Clark, an analyst with rating agency S&P Global, said the deals with Juul and Cronos “could help offset the secular decline in Altria’s legacy tobacco business”....
February 12, 2019
FT Live
Commodities Asia Summit
Enabling decarbonisation in a time of disrupted trade flows
Wednesday, 6 NovemberSingapore
Leveraged loans
Dun & Bradstreet leveraged loan meets with lacklustre demand
...“They are getting the deal done but they are having to pay up for it,” said John McClain, a portfolio manager at Diamond Hill....
February 1, 2019
Capital markets
Record outflow from US junk bond funds in 2018
...“We think there are some pretty compelling opportunities at this point,” said John McClain, a portfolio manager at Diamond Hill Capital Management....
December 30, 2018
Netflix Inc
Netflix secures $2bn from bond investors to back expansion
...Moody’s rates Netflix Ba3, three notches below investment grade and equivalent to S&P’s opinion....
October 23, 2018
High yield bonds
Junk bond sales triple as investor optimism soars
...That debt attracted a triple-C plus rating from S&P Global, deep within junk territory....
January 12, 2018
News in-depthHigh yield bonds
Companies bask in leveraged loan advantages
...It is in part why analysts with S&P Global downgraded Playa deeper into junk-territory this week as the hotel operator readied to swap its bonds for loans....
November 9, 2017
High yield bonds
Tesla’s bond hit by US junk market jitters
...At the same time, the S&P 500 has fallen nearly 2 per cent after touching a record high this month....
August 22, 2017
High yield bonds
Global investors develop taste for US high-yield corporate bonds
...“There is a persistent reach for yield,” said John McClain, a portfolio manager with asset manager Diamond Hill....
June 7, 2017
Stock exchange consolidation
OCC wins S&P clearing deal
...However, Mr McClain said that having both listed and OTC options on the S&P 500 in the same clearing house could actually increase volumes, since traders would be able to benefit from cross-margining and...
September 20, 2010
Oil
Invensys slides on fears over trading and Chinese rival
...A Morgan Stanley upgrade helped lift Halfords by 4 per cent to 425¾p....
October 27, 2010

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