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The number of credits toppling from investment grade to high-yield ratings status has increased, making life difficult for managers who can invest only in investment-grade bonds.
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Delphi's bonds jumped 12 points across the board as investors sought to get hold of bonds to deliver for credit default swap contracts. -
Jeff Schachter, high yield portfolio manager and principal at Cedarview Capital, is looking for opportunities in the distressed market, trolling for credits that have been too heavily sold off.
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The Idaho Endowment Investment Board is getting close to pulling the trigger on $5 million maiden allocations to hedge funds-of-funds and collateralized debt obligations.
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State Street Global Advisors is set to close a first-of-a-kind collateralized debt obligation on Nov. 4, according to Securitization News, a CIN sister publication.
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LaSalle Bank is reaping the rewards of its investment as the official bank of the Chicago White Sox as the World Series between the Sox and the Houston Astros opened Saturday at U.S. Cellular Field.
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--Jeff Schachter, high yield manager at Cedarview Capital, describing the firm's plans to drill down into distressed debt.
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The following charts show the top five advancers and decliners in terms of % moves in the loan, bond and credit default swap markets for the previous week.
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Williams Companies locked up $700 million in unsecured financing through a novel Citibank-led deal that looks like a bond but feels like a bank facility.
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Pieter Dalderop, credit structurer at ABN AMRO in London, has left the firm.
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Bear Stearns is finalizing a retail equity-linked product in Hong Kong offering a monthly coupon which the firms says is a first for the market.
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BNP Paribas has structured a novel deal, which it believes to be a first-of-a-kind, combining an inflation and interest rate payout.
