> Finance & Stock Exchange > Bonds > U.S. Corporate Bonds
Journal Register investor offers $25 mln infusion
Reuters: [2008-05-14 20:17:00]
NEW YORK, May 14 (Reuters) - A shareholder in Journal Register Co <JRCO.PK> said on Wednesday that he is willing to invest at least $25 million in return for a significant ownership stake, which could help the newspaper publisher avoid defaulting on its debt and risking bankruptcy.
Richard Barone of Ancora Capital Inc, a Cleveland-based investment firm, owns slightly more than 5 percent of the company's shares.
Journal Register said last week it risks defaulting on its debt by July 23, barring better second-quarter performance or an amendment to its credit agreement.
Barone told Reuters that the $25 million is contingent on Journal Register's lenders restructuring the loan.
Journal Register shares were delisted from the New York Stock Exchange after its stock fell below the minimum listing requirements. Shares were flat at 20 cents on Wednesday.
(Reporting by Robert MacMillan, editing by Phil Berlowitz) ((robert.macmillan@thomsonreuters.com; +1 646 223 6012; Reuters Messaging: robert.macmillan.reuters.com@reuters.net)) Click on http://blogs.reuters.com/category/themes/mediafile/ to see Reuters MediaFile blog Keywords: JOURNALREGISTER/
EURO CORP-Bond sales lift sentiment; spreads tighten
Reuters: [2008-05-14 18:05:00]
By Maya Thatcher
LONDON, May 14 (Reuters) - A wave of bond issuance kept the credit market busy on Wednesday, as issuers took advantage of tightened credit spreads in Europe following a rise in equities and softer-than-expected U.S. inflation data.
"It's very busy on the primary side, and the market is buoyant -- equities are rallying, credit coming back, life is good, the sun is shining in London," a trader said.
"The primary market is performing well, so there's this good mood in the market," the trader said.
By 1537 GMT, the Markit investment-grade iTraxx Europe index <ITRAC5EA=GFI> was at 71.75 basis points, according to Markit data, 2.25 basis points tighter versus late on Tuesday.
The iTraxx Crossover index <ITCRS5EA=GFI>, made up of 50 mostly "junk"-rated credits, was 13.5 basis points tighter at 426.5 basis points.
"The market feels better because equities are doing all right, so across the board there's some tightening momentum," a second London-based trader said.
The FTSEurofirst 300 <.FTEU3> index of top European shares was up 0.59 percent. Across the Atlantic, the Dow Jones industrial average <.DJI> and the Nasdaq Composite Index <.IXIC> climbed nearly 1 percent.
FEELGOOD FACTOR
Heavy activity in bond issuance gave markets a feelgood factor, with new deals from France Telecom <FTE.PA> automaker Daimler <DAIGn.DE> and consumer goods maker Unilever <ULVR.L>.
France Telecom sold both parts of its dual-tranche euro bond at the tight end of guidance, suggesting good demand.
The six-year, 750 million euro ($1.16 billion) tranche priced at mid-swaps plus 90 basis points. Guidance had been set at around 95 basis points over mid-swaps before being refined to 90-92 basis points over mid-swaps.
Guidance for the 10-year, 1.25 billion euro tranche was also cut ahead of the bond being sold.
The bond priced at mid-swaps plus 110 basis points. This is down from earlier indications of around 115 basis points over mid-swaps, and a subsequent refinement to 110-112 basis points.
Five-year credit default swaps on France Telecom, Europe's third-largest telecoms operator by market value, were slightly narrower on the bond, tightening 2.5 basis points to 78 basis points, according to Markit data.
German automaker Daimler priced a four-year, fixed-rate euro benchmark bond at mid-swaps plus 65 basis points, an official at one of the banks managing the sale said.
BNP Paribas, HSBC and UniCredit were joint lead managers on the bond sale.
Unilever, which makes Dove soap, Sunsilk shampoo and Knorr soups, tapped the primary market by selling a 750 million euro, five-year bond at 48 basis points over mid-swaps.
(Reporting by Maya Thatcher; editing by David Hulmes) ((maya.thatcher@reuters.com; +44 207 542 9202; Reuters Messaging: maya.thatcher.reuters.com@reuters.net))
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Keywords: MARKETS BONDS EUROCORP
Forward Calendar - U.S. corporate bond new issues
Reuters: [2008-05-14 15:24:00]
May 14 (Reuters) - The following are lists of upcoming high-grade and
high-yield corporate bond offerings in the United States. The information was
gathered from IGM CorporateWatch, and other market sources:
*Denotes 144a private placement debt offering.
HIGH-GRADE BOND SALES EXPECTED FOR WEEK OF 5/12/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
ACE INA Holdings $450 mln 7-yr A3/A-/A CITI/JPM/WB 5/12
*AIG $4.0 bln 60-yr Aa3/A/A+ CITI/JPM 5/13
BJ Services $250 mln 10-yr Baa1/BBB+/NA CITI/ML
Canadian Pac Rail $TBA 5-yr Baa3/BBB/NA MS/RBC
Canadian Pac Rail $TBA 10-yr Baa3/BBB/NA MS/RBC
Centerpoint Engy $300 mln 10-yr Baa3/BBB/BBB BARC/CS/LEH 5/12
*Entergy Gulf $375 mln 10-yr Baa3/BBB+/BBB MS/RBS/MIZ 5/12
Parker-Hannifin $450 mln 10-yr BAS/GS/MS 5/13
Parker-Hannifin $325 mln 20-yr BAS/GS/MS 5/13
Petro Canada $600 mln 10-yr Baa2/BBB/NA CITI/DB/HSBC 5/12
Petro Canada $900 mln 30-yr Baa2/BBB/NA CITI/DB/HSBC 5/12
Philip Morris $2.0 bln 5-yr A2/A/A+ CS/DB/LEH 5/13
Philip Morris $2.5 bln 10-yr A2/A/A+ CS/DB/LEH 5/13
Philip Morris $1.5 bln 30-yr A2/A/A+ CS/DB/LEH 4/13
Simon Property $700 mln 5-yr A3/A-/A- BAS/CITI/DB/GS 5/12
Simon Property $800 mln 10-yr A3/A-/A- BAS/CITI/DB/GS 5/12
Sovereign Bank $500 mln 10-yr Baa1/BBB/BBB- LEH 5/13
Tampa Electric $150 mln 10-yr Baa2/BBB-/BBB+ BNP/MS 5/13
United Tech. $1.0 bln 30-yr a2/a/a+ BAS/CITI 5/13
Wells Fargo Cap $2.5 bln perpetuals Aa3/AA-/NA JPM/ML/MS/UBS 5/12
------------------------------------------------------------------------------
SPLIT-RATED BOND SALES EXPECTED FOR WEEK OF 5/12/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
CONVERTIBLE BOND SALES EXPECTED FOR WEEK OF 5/12/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
HIGH-YIELD BOND SALES EXPECTED FOR WEEK OF 5/12/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
UPCOMING DEALS
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
PREVIOUS HIGH-GRADE BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Alabama Power $300 mln 30-yr A2/A/A+ CITI/LEH 5/8
AT&T $750 mln 5-yr A2/A/A BAS/DB/MS/UBS 5/8
AT&T $1.0 bln 10-yr A2/A/A BAS/DB/MS/UBS 5/8
AT&T $1.25 bln 30-yr A2/A/A BAS/DB/MS/UBS 5/8
Bank of America $1.0 bln 2-yr frn Aaa/AA+/NA BAS 5/5
Bank of America $1.7 bln 2-yr frn Aaa/AA+/NA BAS 5/5
Berkshire Hath $1.0 bln 5-yr Aaa/AAA/AAA GS 5/6
Berkshire Hath $1.0 bln 10-yr Aaa/AAA/AAA GS 5/6
Citigroup $3.0 bln 10-yr Aa3/AA-/AA- CITI 5/5
Citigroup $550 mln 10-yr frn Aa3/AA-/AA- CITI 5/6
Citigroup $2.0 bln perpetuals A2/A/A+ CITI 5/6
Coca-Cola Ent. $275 mln 3-yr frn A3/A/A DB/JPM 5/7
Colgate-Palmolive $250 mln 5-yr Aa3/AA-/AA- GS/CITI/MS 5/7
ConocoPhillips $400 mln 5-yr A1/A/A CITI/RBSGC 5/5
ConocoPhillips $500 mln 10-yr A1/A/A CITI/RBSGC 5/5
ConocoPhillips $600 mln 30-yr A1/A/A CITI/RBSGC 5/5
Duke Realty $325 mln 5-yr Baa1/BBB+/BBB WB 5/5
GlaxoSmithKline $1.0 bln 2-yr frn A1/A+/AA- CITI/JPM/LEH 5/6
GlaxoSmithKline $2.5 bln 5-yr A1/A+/AA- CITI/JPM/LEH 5/6
GlaxoSmithKline $2.75 bln 10-yr A1/A+/AA- CITI/JPM/LEH 5/6
GlaxoSmithKline $2.75 bln 30-yr A1/A+/AA- CITI/JPM/LEH 5/6
*Grupo Televisa $500 mln 10-yr Baa1/BBB+/BBB+ HSBC/JPM 5/6
*GTL Trade Fin $500 mln 10-yr NR/BBB-/BBB- ABN/HSBC/JPM 5/9
Hartford Fin Svs $500 mln 10.5-yr A2/A/A+ DB/GS/ML 5/7
Keycorp $750 mln 5-yr A2/A-/A CITI/CS/KEY/UBS 5/7
Korea Railrod $300 mln 5-yr A2/A/NA CITI/HSBC/MS 5/8
Merrill Lynch $1.75 bln 30-yr A2/A/A ML 5/7
Merrill Lynch $1.2 bln 2-yr frn A1/A+/A ML 5/7
Morgan Stanley $2.0 bln 2-yr frn Aa3/AA-/AA- MS 5/9
Morgan Stanley $2.0 bln 7-yr Aa3/AA-/AA- MS 5/9
JP Mgn Chase Cap $1.6 bln 70-yr Aa3/A/A+ JPM 5/7
Regions Bank $400 mln 10-yr A2/A/A GS/JPM/LEH/ML 5/9
*SMFG Pref Cap $1.8 bln perpetuals A2/BBB+/NA DAIWA/GS/JPM/UBS 5/7
Transalta Corp $500 mln 10-yr Baa2/BBB/NA CITI/HSBC 5/6
Travelers $500 mln 10-yr A3/A-/A CITI/LEH 5/8
------------------------------------------------------------------------------
PREVIOUS SPLIT-RATED BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
PS of New Mexico $350 mln 10-yr Baa3/BB+/NA LEH/ML 5/8
------------------------------------------------------------------------------
PREVIOUS HIGH-YIELD BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
*Atlas Energy $150 mln 10-yr B3/B/NA JPM/WACH 5/6
*DIRECTV Hldgs/LLC$1.35 bln 8-yr Ba3/BB/NA JPM/BAS/CS 5/7
*Newfield Explor $600 mln 10-yr Ba3/BB-/NA JPM/MS 5/5
------------------------------------------------------------------------------
PREVIOUS CONVERTIBLE SECURITIES SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
DEALS RECENTLY POSTPONED
COMPANY AMT MAT/DEBT RTGS MGRS DATE POSTPONED
Bunge Ltd Fin $TBA 5-yr Baa2/BBB-/BBB BNP/HSBC/JPM/RBSGC 3/12
Bunge Ltd Fin $TBA 10-yr Baa2/BBB-/BBB BNP/HSBC/JPM/RBSGC 3/12
------------------------------------------------------------------------------
MANAGERS: SYNDICATE DESK NUMBERS:
GENERAL HIGH-YIELD HIGH-GRADE
ABN - ABN Amro Securities Inc 212-409-7563 212-409-7563
BAS - Banc of America Securities 212-583-8352 212-933-3433
BOCM - Banc One Capital Markets 312-732-7885 312-336-2525
BARC - Barclays Capital 212-412-2626 212-412-6730
BEAR - Bear Stearns & Co 212-272-5007 212-272-5371
BNP - BNP Paribas 212-841-3658 212-841-3658
CITI - Citigroup Global Markets 212-723-6001 212-723-6121
CS - Credit Suisse 212-325-3290 212.325-3325
DBS - Deutsche Bank Securities Inc 312-336-2525 312-732-1476
GS - Goldman Sachs & Co 212-902-8204 212-902-5954
JPM - J.P. Morgan Chase & Co 212-270-1100 212-834-4533
KBW - Keefe Bruyette & Woods 212-887-7777
LEH - Lehman Brothers Inc 212-526-9664 212-526-9664
ML - Merrill Lynch & Co 212-449-6762 212-449-4949
MS - Morgan Stanley 212-761-1286 212-761-1957
UBS - UBS Investment Bank 203-719-1556 203-719-1088
WACH - Wachovia Securities 704-383-1928 704-383-7727
((U.S. Financial Desk 646-223-6330))
Keywords: MARKETS CORPORATEBONDS CALENDAR
Forward Calendar - U.S. corporate bond new issues
Reuters: [2008-05-14 14:23:00]
May 14 (Reuters) - The following are lists of upcoming high-grade and
high-yield corporate bond offerings in the United States. The information was
gathered from IGM CorporateWatch, and other market sources:
*Denotes 144a private placement debt offering.
HIGH-GRADE BOND SALES EXPECTED FOR WEEK OF 5/12/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
ACE INA Holdings $450 mln 7-yr A3/A-/A CITI/JPM/WB 5/12
*AIG $4.0 bln 60-yr Aa3/A/A+ CITI/JPM 5/13
Centerpoint Engy $300 mln 10-yr Baa3/BBB/BBB BARC/CS/LEH 5/12
*Entergy Gulf $375 mln 10-yr Baa3/BBB+/BBB MS/RBS/MIZ 5/12
Parker-Hannifin $450 mln 10-yr BAS/GS/MS 5/13
Parker-Hannifin $325 mln 20-yr BAS/GS/MS 5/13
Petro Canada $600 mln 10-yr Baa2/BBB/NA CITI/DB/HSBC 5/12
Petro Canada $900 mln 30-yr Baa2/BBB/NA CITI/DB/HSBC 5/12
Philip Morris $2.0 bln 5-yr A2/A/A+ CS/DB/LEH 5/13
Philip Morris $2.5 bln 10-yr A2/A/A+ CS/DB/LEH 5/13
Philip Morris $1.5 bln 30-yr A2/A/A+ CS/DB/LEH 4/13
Simon Property $700 mln 5-yr A3/A-/A- BAS/CITI/DB/GS 5/12
Simon Property $800 mln 10-yr A3/A-/A- BAS/CITI/DB/GS 5/12
Sovereign Bank $500 mln 10-yr Baa1/BBB/BBB- LEH 5/13
Tampa Electric $150 mln 10-yr Baa2/BBB-/BBB+ BNP/MS 5/13
United Tech. $1.0 bln 30-yr a2/a/a+ BAS/CITI 5/13
Wells Fargo Cap $2.5 bln perpetuals Aa3/AA-/NA JPM/ML/MS/UBS 5/12
------------------------------------------------------------------------------
SPLIT-RATED BOND SALES EXPECTED FOR WEEK OF 5/12/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
CONVERTIBLE BOND SALES EXPECTED FOR WEEK OF 5/12/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
HIGH-YIELD BOND SALES EXPECTED FOR WEEK OF 5/12/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
UPCOMING DEALS
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
PREVIOUS HIGH-GRADE BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Alabama Power $300 mln 30-yr A2/A/A+ CITI/LEH 5/8
AT&T $750 mln 5-yr A2/A/A BAS/DB/MS/UBS 5/8
AT&T $1.0 bln 10-yr A2/A/A BAS/DB/MS/UBS 5/8
AT&T $1.25 bln 30-yr A2/A/A BAS/DB/MS/UBS 5/8
Bank of America $1.0 bln 2-yr frn Aaa/AA+/NA BAS 5/5
Bank of America $1.7 bln 2-yr frn Aaa/AA+/NA BAS 5/5
Berkshire Hath $1.0 bln 5-yr Aaa/AAA/AAA GS 5/6
Berkshire Hath $1.0 bln 10-yr Aaa/AAA/AAA GS 5/6
Citigroup $3.0 bln 10-yr Aa3/AA-/AA- CITI 5/5
Citigroup $550 mln 10-yr frn Aa3/AA-/AA- CITI 5/6
Citigroup $2.0 bln perpetuals A2/A/A+ CITI 5/6
Coca-Cola Ent. $275 mln 3-yr frn A3/A/A DB/JPM 5/7
Colgate-Palmolive $250 mln 5-yr Aa3/AA-/AA- GS/CITI/MS 5/7
ConocoPhillips $400 mln 5-yr A1/A/A CITI/RBSGC 5/5
ConocoPhillips $500 mln 10-yr A1/A/A CITI/RBSGC 5/5
ConocoPhillips $600 mln 30-yr A1/A/A CITI/RBSGC 5/5
Duke Realty $325 mln 5-yr Baa1/BBB+/BBB WB 5/5
GlaxoSmithKline $1.0 bln 2-yr frn A1/A+/AA- CITI/JPM/LEH 5/6
GlaxoSmithKline $2.5 bln 5-yr A1/A+/AA- CITI/JPM/LEH 5/6
GlaxoSmithKline $2.75 bln 10-yr A1/A+/AA- CITI/JPM/LEH 5/6
GlaxoSmithKline $2.75 bln 30-yr A1/A+/AA- CITI/JPM/LEH 5/6
*Grupo Televisa $500 mln 10-yr Baa1/BBB+/BBB+ HSBC/JPM 5/6
*GTL Trade Fin $500 mln 10-yr NR/BBB-/BBB- ABN/HSBC/JPM 5/9
Hartford Fin Svs $500 mln 10.5-yr A2/A/A+ DB/GS/ML 5/7
Keycorp $750 mln 5-yr A2/A-/A CITI/CS/KEY/UBS 5/7
Korea Railrod $300 mln 5-yr A2/A/NA CITI/HSBC/MS 5/8
Merrill Lynch $1.75 bln 30-yr A2/A/A ML 5/7
Merrill Lynch $1.2 bln 2-yr frn A1/A+/A ML 5/7
Morgan Stanley $2.0 bln 2-yr frn Aa3/AA-/AA- MS 5/9
Morgan Stanley $2.0 bln 7-yr Aa3/AA-/AA- MS 5/9
JP Mgn Chase Cap $1.6 bln 70-yr Aa3/A/A+ JPM 5/7
Regions Bank $400 mln 10-yr A2/A/A GS/JPM/LEH/ML 5/9
*SMFG Pref Cap $1.8 bln perpetuals A2/BBB+/NA DAIWA/GS/JPM/UBS 5/7
Transalta Corp $500 mln 10-yr Baa2/BBB/NA CITI/HSBC 5/6
Travelers $500 mln 10-yr A3/A-/A CITI/LEH 5/8
------------------------------------------------------------------------------
PREVIOUS SPLIT-RATED BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
PS of New Mexico $350 mln 10-yr Baa3/BB+/NA LEH/ML 5/8
------------------------------------------------------------------------------
PREVIOUS HIGH-YIELD BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
*Atlas Energy $150 mln 10-yr B3/B/NA JPM/WACH 5/6
*DIRECTV Hldgs/LLC$1.35 bln 8-yr Ba3/BB/NA JPM/BAS/CS 5/7
*Newfield Explor $600 mln 10-yr Ba3/BB-/NA JPM/MS 5/5
------------------------------------------------------------------------------
PREVIOUS CONVERTIBLE SECURITIES SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
DEALS RECENTLY POSTPONED
COMPANY AMT MAT/DEBT RTGS MGRS DATE POSTPONED
Bunge Ltd Fin $TBA 5-yr Baa2/BBB-/BBB BNP/HSBC/JPM/RBSGC 3/12
Bunge Ltd Fin $TBA 10-yr Baa2/BBB-/BBB BNP/HSBC/JPM/RBSGC 3/12
------------------------------------------------------------------------------
MANAGERS: SYNDICATE DESK NUMBERS:
GENERAL HIGH-YIELD HIGH-GRADE
ABN - ABN Amro Securities Inc 212-409-7563 212-409-7563
BAS - Banc of America Securities 212-583-8352 212-933-3433
BOCM - Banc One Capital Markets 312-732-7885 312-336-2525
BARC - Barclays Capital 212-412-2626 212-412-6730
BEAR - Bear Stearns & Co 212-272-5007 212-272-5371
BNP - BNP Paribas 212-841-3658 212-841-3658
CITI - Citigroup Global Markets 212-723-6001 212-723-6121
CS - Credit Suisse 212-325-3290 212.325-3325
DBS - Deutsche Bank Securities Inc 312-336-2525 312-732-1476
GS - Goldman Sachs & Co 212-902-8204 212-902-5954
JPM - J.P. Morgan Chase & Co 212-270-1100 212-834-4533
KBW - Keefe Bruyette & Woods 212-887-7777
LEH - Lehman Brothers Inc 212-526-9664 212-526-9664
ML - Merrill Lynch & Co 212-449-6762 212-449-4949
MS - Morgan Stanley 212-761-1286 212-761-1957
UBS - UBS Investment Bank 203-719-1556 203-719-1088
WACH - Wachovia Securities 704-383-1928 704-383-7727
((U.S. Financial Desk 646-223-6330))
Keywords: MARKETS CORPORATEBONDS CALENDAR
Freddie Mac 1st qtr net loss widens
Reuters: [2008-05-14 13:37:00]
NEW YORK, May 14 (Reuters) - Freddie Mac, the second-biggest provider of funding for U.S. residential mortgages, on Wednesday said its first-quarter loss widened slightly as its credit losses deepened.
The McLean, Virginia-based company said it lost $151 million, or 66 cents per share in the quarter, compared with a $133 million, or 35 cents per share loss in the same period a year earlier. It is coming off a record $2.5 billion loss in the fourth quarter.
Wall Street analysts expected Freddie Mac to post a net loss of $1.57 per share in the first quarter, according to Reuters Estimates. (Reporting by Al Yoon; Editing by Tom Hals) ((albert.yoon@thomsonreuters.com; +1 646-223-6347; Reuters Messaging: albert.yoon.reuters.com@reuters.net)) Keywords: FREDDIEMAC/EARNINGS
Next: EURO CORP-Spreads tighter, corporate issuance continues