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| Prospect News Bond Market Weekly for Feb. 4, 2012
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Convertibles gain further ground; Central European, Suntech Power jump; MannKind scuttles deal
Emerging markets: New supply pours out of the deal pipeline amid better risk sentiment
High-grade bond market full of corporates; new coupon records set; new debt trades mostly better
High-yield market: Cash-heavy primary heats up; CIT, Limited Brands, Ford Credit price mega-deals
Municipals trade better over week on strong demand, lack of supply; handful of new deals forecast
Preferreds: Realty Income brings upsized deal; Aegon ‘cleaning up’; new issue calendar stacking up
Treasuries rally, then drop over week; strong job growth sends 30-year bond yield up 15 bps
More news from this issue
Ally Financial sees $27 billion liquidity, plans to pay maturing debt
Celanese will continue to pay down debt, balance cash outflows
CIT repays $860 million of debt, aims to take out $2.5 billion more
Domtar ends year strong, returns $543 million to shareholders in 2011
Energy XXI (Bermuda) plans to keep stockpiling cash to pay down debt
Enterprise Products sees record cash flow of $1.4 billion in Q4
Equity Residential reports positive earnings, cash on balance sheet
First Data to see interest payments decrease to $1.6 billion in 2013
Gannett uses excess cash to cut debt by $158 million in fourth quarter
Headwaters says debt reduction remains highest priority entering 2012
Inergy’s profits impacted by mild winter, uses IPO funds to pay debt
Ingles Market’s total debt increases due to new facility construction
Mohegan: New refinancing plan provides ‘clear runway’ to improvement
Plum Creek Timber expects cash flow to grow by $50 million in 2012
Spectrum Brands to complete ‘major’ debt paydowns in 2012, CEO says
Suncor Energy reports record cash flow for fourth quarter, lowers debt
Tesoro cut debt by $328 million in 2011, will take out 2012 notes, has no investment-grade goal
Wendy’s ends year with $885 million of net debt, $472 million of cash
| Prospect News Bond Market Weekly for Jan. 28, 2012
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Convertibles: Illumina higher on hostile offer; NuVasive expands with court rulings; Petroplus off
Emerging markets: Israel, Lithuania, Poland, Braskem, others print notes amid positive week
High-grade market light on deals for week; new paper trades mixed while bank bonds improve
High-yield market: Primary picks up pace after lull; Realogy, JBS, Targa price; energy names active
Municipal bonds in sluggish start to week but rally late on FOMC decision, light primary supply
Preferreds: New issue market remains active with new deals from Schwab, Aegon; probe pressures HSBC
Treasuries rally late in week on FOMC move to keep rates low; note auctions see mixed results
More news from this issue
Allegheny reports increased sales for Q4, ends year with less cash
Apache to fund Cordillera Energy acquisition partly with $2.25 billion of debt
D.R. Horton starts 2012 with increased sales and homebuilding revenue
Delta repaid $725 million debt in Q4, aims to reach goal of $10 billion net debt by 2013
Dominion Resources plans to issue $1.6 billion to $2 billion in 2012
Hutchinson Technology reduces debt by $10.4 million in fiscal Q1
JetBlue sees $1.2 billion cash, short-term investments at year-end
Kansas City Southern uses cash to retire $123.5 million of debt in Q4
NextEra to access capital markets periodically, balance debt, equity
Owens-Illinois says cutting debt ratio remains ‘primary focus,’ touts 2011 transactions
Peabody Coal increased debt to $6.56 billion for Macarthur deal, still has $2.5 billion liquidity
Progress Energy settlement ‘effectively neutral’ to cash flow metrics
SPX to use Service Solutions business sale proceeds for debt reduction
Tembec: Lack of U.S. demand for lumber affects first-quarter sales
Textron sees ‘strengthened’ balance sheet, cuts debt by $1.5 billion
Time Warner Cable’s free cash flow increases 20% to $2.7 billion
| Prospect News Bond Market Weekly for Jan. 21, 2012
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Convertibles gaining on better volumes; Amgen, Gilead improve on hedge; Kodak adds but trades flat
Emerging Markets: KT, Pemex, Shinhan Bank, Turkey, others print notes amid solid demand for bonds
High-yield market: Fresenius, other European names pace primary; Chesapeake rebounds, Kodak off
Investment grade: New bank debt abounds in high-grade market post Q4 earnings, firms in secondary
Municipals end softer after getting a boost from demand; water utilities feature prominently ahead
Preferreds: Investors turn to primary market as forward calendar heats up; First Republic prices
Treasuries sink in volatile trading over short week; market looks ahead to next Fed decision
More news from this issue
Entravision has $383.3 million of debt following recent bond buyback
Kinder Morgan Energy Partners reports ‘solid’ Q4, increased cash flow
Kratos increases debt, but says main strategy is ‘build the company’
Parker-Hannifin eyes closing multiple acquisitions before year-end
State Street eyes increase in dividend, share buybacks in 2012
Stratus Technologies’ Q3 revenue down 8%, company ends quarter with $18.6 million cash
Teck sees continued cash flow growth, achieves record C$1.4 billion
| Prospect News Bond Market Weekly for Jan. 14, 2012
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Convertibles: Alcoa rises post-earnings; PHH notes gain on new issue plans; NuVasive paper firms
Emerging markets: Indonesia, Poland, Korea Gas, South Africa price notes; investors optimistic
High grade: Big corporate deals return; issuers crowd front of week on Europe fears; debt trades up
High-yield market: MGM, Charter, Level 3 lead junk pricing parade; Sears, Chesapeake busy; Kodak up
Municipals rally as demand drives market; Illinois’ new $800 million deal sees solid reception
Preferreds: New issue calendar heats up; PS Business brings new deal; Public Storage ‘doing well’
Treasuries trade up, down in choppy trading over week on weaker auctions, continuing Europe crisis
More news from this issue
Carrols Restaurant focused on using cash flow to repay debt, CFO says
Ceradyne to post $572 million of sales, strong balance sheet for 2011
Emmis cuts term loan debt by 38% in Q3, eyes eventual refinancing
Gentiva has ‘strong’ cash balance, continues to focus on reducing debt
Goodyear slowly rolls on toward investment-grade goal despite operational challenges
Postmedia repays C$91 million of debt in fiscal first quarter
Shaw reports free cash flow of C$119 million, 2012 off to ‘good start’
Talisman Energy reports $4.5 billion of net debt, strong liquidity
Tenet improves leverage through debt reduction, earnings growth
Visteon has ‘very good’ debt to EBITDA ratio of 0.9x, CFO says
Wyndham Worldwide to boost revenue through fee-for-service businesses
| Prospect News Bond Market Weekly for Jan. 7, 2012
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Convertibles market: New Amarin drops below par on debut; TiVo adds on AT&T settlement; Dendreon up
Emerging markets: Brazil, Mexico, Vale, Bradesco, others print notes during solid week for supply
High-yield market: Junk primary revives with big AmeriGas, Ford deals; retail names trade busily
Investment grade: Banks, Yankees return to high-grade debt market; new corporates firm in trading
Municipals end week mostly unchanged as supply dwindles; Texas Tech sells $190.8 million of debt
Preferred stocks start 2012 strong; Bank names firm as sentiment turns positive; Greek bank rises
Treasuries trend lower on better data in first week of year; optimism fails to comfort some
More news from this issue
American Tower begins new year as REIT, outlines plan for excess cash
Commercial Metals ends quarter with $228 million of cash, investments
Consolidated Communications eyes 4 times leverage target or below
Constellation ups fiscal 2012 free cash flow target by $100 million
Dresser-Rand reports over $1 billion of debt, plans to delever rapidly
Gastar Exploration plans to grow revolver, issue preferreds in 2012
Jean Coutu gets C$500 million credit facility in Q3 to refinance debt
Mohegan says it’s making refinancing progress but provides few details
National Mentor Holdings reports increased leverage ratio of 6.2x
Valeant gives cash flow guidance of roughly $1.2 billion for 2012
| Prospect News Bond Market Weekly for Dec. 31, 2011
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Outlook 2012: Convertibles primary market set for weakness without higher rates, stronger economy
Outlook 2012: EM deal pipeline will open slowly in 2012 amid global economic, political turmoil
Outlook 2012: High-grade primary sees Europe as biggest variable; companies in good position
Outlook 2012: High-yield primary market could see $180-$250 billion of issuance in year ahead
Outlook 2012: Municipal bond issuance of $310-$350 billion awaits 2012’s investors, outpacing 2011
Outlook 2012: U.S., European economic woes push preferreds around; trend likely to continue
More news from this issue
| Prospect News Bond Market Weekly for Dec. 24, 2011
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Convertibles quiet ahead of holidays; higher-quality credits eyed; Jefferies bounces; PHH drops
Emerging markets: Turk Ekonomi Bankasi sells notes during slow pre-holiday week for EM assets
High grade: ILFC, GE Capital lone issuers for week; banks, telecom most-watched sectors in trading
High-yield market: Split-rated ILFC dominates primary; Dish, Sprint run up on AT&T/T-Mobile failure
Municipals end week ahead of holidays softer; Puerto Rico development bank sells $1.8 billion
Preferred primary sees no new sales; traders watch Bank of America paper on Countrywide settlement
Treasuries trade in choppy market, light volume over short holiday week; auctions see weak demand
More news from this issue
Alliance sees $15 million to $25 million decrease in debt in 2012
American Greetings lowers full-year cash flow projections, plans to build new headquarters
Burlington has $158.1 million borrowed under ABL due to refinancing
Carnival generates enough cash to fund $2.7 billion capital program
ConAgra ends quarter with $707 million cash, $2.2 billion net debt
Jefferies says it survived November ‘misinformation,’ bought back $50 million of bonds in Q4
KB Home cuts almost $200 million of debt, reports ‘adequate’ liquidity
Prestige to finance Glaxo acquisitions with new term loan, bonds
SandRidge joint venture to help close company’s 2012 funding gap
Steelcase reports $292.1 million debt, expects ‘relatively high’ capex
Teva to end 2011 with $14.5 billion of debt, expects decrease in 2012
| Prospect News Bond Market Weekly for Dec. 17, 2011
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Convertibles market: Novellus, Lam Research add on hedge on merger; Sino-Forest misses coupon
Emerging markets: Banco de Bogota sells bonds amid stressful but stable week; Funds see outflows
High-grade issuance sparse; companies stand down until 2012; bonds generally wider in trading
High-yield market: Smallish A. M. Castle, 99 Cents deals close out junk primary; M&A has impact
Municipals lose steam as primary cools; Partners Health Care sells two deals; North Carolina prices
Preferreds: Market gyrates on economic concerns, holiday slowdown; First Niagara ‘still doing well’
Treasuries trade up over week; 10-year note yield falls to 1.86%; demand high at auctions
More news from this issue
AAR reports $30.4 million cash flow, plans to use for company growth
AGCO to increase R&D spending, develop production facility in China
AMD CEO says emerging market customers are in company’s ‘sweet spot’
Charles River Labs cuts debt in 2011, targets up to $175 million of free cash flow for 2012
CKE posts $129.6 million of cash, borrowing availability at Nov. 7
Community Health plans to extend bank debt, refinance revolver
Correction: Pall Corp. based in Port Washington, N.Y.
Covidien spin-off to have ‘strong’ capital position, similar cash flow
Hovnanian improved balance sheet in Q4 with exchange, buybacks, eyes further deleveraging
Iasis Healthcare touts capital structure despite increase in debt
Rite Aid has $191 million outstanding borrowings under credit facility
Solutia reduces leverage by 3 turns, expects 2.5x by year’s end
Stewart Enterprises operating cash flow rises to $87 million in 2011
Thomas & Betts to use cash primarily for company growth, acquisitions
| Prospect News Bond Market Weekly for Dec. 10, 2011
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Convertibles market: China Medical slumps, trades below 50; Dendreon paper adds; Clearwire jumps
Emerging markets: TAQA, Tencent, Hana Bank print notes, get mixed reviews; Investors eye euro zone
High grade: Gilead, HP, others bring huge deals, perform well; financials weaken amid headlines
High-yield market: Ford Credit deal leads junk primary, moves up; Secondary starting to wind down
Municipals rally throughout week as heavy supply feeds demand; New York Transitional taps market
Preferreds: First Niagara new deal a success; DTE Energy recent issue lists; Aviva gains momentum
More news from this issue
BreitBurn focuses on acquisition strategy, has funding for growth
Dana aims to improve capital position, keep balance sheet strong
Del Monte sees $3.9 billion debt, no outstanding borrowings under ABL
Entergy plans $575 million bonds, transmission units $1.2 billion, ITC $700 million for ITC merger
Entravision touts $16.2 million debt paydown, hints of more to come
Ferrellgas ends quarter with $13.1 million cash, $1.07 billion debt
Garda World Security's third-quarter net income flat; revenue up 10.8%
Level 3 to improve balance sheet to level of ‘competitive strength’
LodgeNet lowers debt, will be ‘aggressive’ in strategic growth areas
National Bank of Canada plans for growth, reports record net income
Oneok maintains ‘strong’ balance sheet through increased growth
Pall first-quarter sales reach record $705.6 million, says new CEO
SM Energy’s funding adequate to fund programs in 2012, says CEO
Smithfield rounds out its second quarter with $1.1 billion liquidity
Teva has ‘robust’ rating, ‘significant’ cash flow for deleveraging
| Prospect News Bond Market Weekly for Dec. 3, 2011
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Convertibles: AMR collapses after bankruptcy filing; Clearwire rebounds on Sprint pact; Onyx lower
Emerging markets: Qatar, Petrobras unit, others print notes during stronger week for EM assets
High grade: Primary active on low borrowing costs; traders watch new paper; bank/broker CDS improve
High-yield market: Charter deal leads junk primary, moves up; AMR busy after bankruptcy filing
Municipals close out another primary-heavy week mixed; Puerto Rico authority sells $1 billion debt
Preferreds: DTE brings new issue, sees high demand; Aviva’s recent deal rebounding; BofA declines
Treasuries move mostly lower over week but see gains Friday on euro fears, mixed economic data
More news from this issue
Air Products to pursue share buybacks under $1 billion authorization
Algonquin Power & Utilities sees $300 million of financings in 2012
CF Industries reports record third quarter, retires $1.2 billion debt
Chemtura eyes low leverage ratio after emerging from bankruptcy
Cincinnati Bell focuses on data centers as future, key to debt cuts
HealthSouth expects to see ‘more balanced’ free cash flow allocation
iPayment repaid $36 million debt, wrapped $20 million of acquisitions
Netflix says new capital ‘adds to safety buffer’ as company atones for pricing debacle
Oglethorpe wraps liquidity restructure with increased credit facility
Sprint Nextel satisfied with recent mega bond deal, funding strategy
SunCoke to use excess liquidity to pay down term debt, bonds
Western Refining to use cash to pay down newly refinanced term loan