High-Yield Roundup

  • 21 Apr 2002
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Last week saw a firm tone through Thursday as the high-yield market absorbed two to three new issues per day without a hiccup. Bids were weaker in crossover retail names like JC Penney and Gap Inc. Here was selected other action:

Nextel Takes Off

Nextel Communications beat expectations for subscribers, and posted a smaller first quarter loss than analysts had expected. The 9.375% notes of '09 (B1/B) were bid up to 68 from 62.5, but were slipping late Thursday--to 67.5 by the close.

 

Dana Corp. Hangs In Despite Poor Earnings

A positive bid for the auto parts sector kept Dana Corp.'s bonds from slipping, even though the auto parts supplier posted weak first quarter numbers. The 9% senior notes of '11 (Ba3/BB) stood firm at a 101.5 bid.

Chemicals Slide On Higher Oil Prices

Higher energy prices led to weakness in the chemical sector. Lyondell Chemical Company's 9.625% senior secured notes of '07 (Ba3/BB) dropped from a 102 bid to 101. Millenium Chemicals' 9.25% senior notes of '08 (Ba1/BBB-) dropped from 103.5 to 102 at Thursday's close.

Higher prices have an immediate impact upon margins, as producers have a difficult time passing on raw material costs, according David Troyer, top-ranked chemical analyst on the Institutional Investor 2001 All-America Fixed-Income Research Team. "Our competitive position around the world is impaired when we have to pay higher prices for energy," he says.

  • 21 Apr 2002

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 4,347 16 16.63
2 BNP Paribas 2,866 11 10.96
3 Morgan Stanley 2,420 6 9.26
4 Goldman Sachs 2,276 6 8.71
5 Bank of America Merrill Lynch (BAML) 2,086 9 7.98

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 58,403.50 191 10.83%
2 JPMorgan 50,900.93 151 9.44%
3 Bank of America Merrill Lynch 40,321.46 131 7.47%
4 Wells Fargo Securities 39,996.15 117 7.41%
5 Credit Suisse 37,748.55 119 7.00%