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Nearly all of the performance measures indicate just how solid of a year the high yield market had, but perhaps the best one has to do with the growth in supply.
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This chart, provided by Citibank/Salomon Smith Barney Inc., tracks bid-ask prices for par credit facilities that trade in the secondary market. It also tracks facility amounts, ratings, pricing and maturities.
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Nomura International's London-based asset finance group is creating a fund to buy mezzanine classes of securitizations and bank loans the firm underwrites.
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"The less restrictive covenants reflect the fact that our financial position is a lot stronger now."--John Roselli, senior manager of investor relations for Tyco International Group, comparing the old and new bank lines.
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Hispamer, the consumer lending arm of Banco Santander, is aiming to return to the European securitization market next year after a one-year hiatus.
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The structured finance market recorded another banner year in issuance, with total U.S. asset-backed issuance approaching the $400 billion mark in the final weeks of the year.
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The last 12 months were glory days for many in the credit markets, as corporate bonds racked up double digit returns and defaults dropped amid the improving economy.
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"Although bankruptcy reform has died more times than Kenny on South Park, we have no doubt it will, like Kenny, be back."-- Alex Roever , head of asset-backed research at Banc One Capital Markets , on the likelihood of bankruptcy reform becoming an issue this year (1/6).
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The Bond Market Association last week released a slate of proposed suggestions for removing potential conflicts between fixed income origination and research.
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Denis Gould, head of the sterling investment-grade team at AXA Investment Management, commenting on his firm's move to buy corporate bonds that offer relative value.
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ABN Amro will arrange and underwrite a £1.75bn loan to support UK supermarket chain Wm Morrison's £3bn takeover of its larger rival Safeway. Syndication should start in the New Year.