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UPDATE 1-Journal Register says risks default by July
Reuters: [2008-05-09 23:00:00]
By Robert MacMillan
NEW YORK, May 9 (Reuters) - U.S. newspaper publisher Journal Register Co <JRCO.PK> said on Friday it may risk defaulting on its debt by this July unless there is significant improvement in its operating results.
The publisher of the New Haven Register said it may violate its debt covenant by July 23, barring better second-quarter performance or an amendment to its credit agreement.
"There can be no assurance that the company will see significant improvements in its operating results or that the lenders will agree to any such amendment," the company wrote in a filing with the U.S. Securities and Exchange Commission.
Journal Register reported a net loss of $72.2 million, or $1.84 a share, for the first quarter, compared with net profit of $29.1 million, or 74 cents a share, in the first quarter a year ago.
The loss includes a charge of $1.78 a share for write-downs related to its New York and Michigan papers. Excluding special items this year and last, the company's loss was 6 cents a share compared with a profit of 4 cents a share last year.
Revenue fell 10.3 percent to $102.4 million.
Ad revenue fell 12.1 percent to $75.9 million, while online revenue climbed 22.8 percent and now represents 6.4 percent of Journal Register's total revenue.
The Yardley, Pennsylvania-based company was delisted from the New York Stock Exchange after its stock fell well below minimum compliance standards. Journal Register also has hired Lazard Freres to review its options, which include filing for bankruptcy.
Journal Register is the leftover company from the former newspaper publishing empire owned by Ralph Ingersoll II in the 1980s. The company nearly went bankrupt late in that decade after bingeing on junk bonds to finance acquisitions and then being unable to pay its debt.
In the late 1980s it embarked on an ill-fated effort to start a rival daily paper to Missouri's St. Louis Post-Dispatch, which was then owned by Pulitzer Inc and now is part of Lee Enterprises Inc <LEE.N>. The paper folded in less than a year.
Journal Register embarked on another ambitious plan in 2004, buying a cluster of newspapers in Michigan for $415 million, just before newspaper ad sales started tanking and automakers' problems started dragging down the local economy.
The company's shares rose 2 cents to close at 30 cents on Friday. (Editing by Toni Reinhold) ((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/
Forward Calendar - U.S. corporate bond new issues
Reuters: [2008-05-09 21:33:00]
May 9 (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 5/5/2008
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
------------------------------------------------------------------------------
SPLIT-RATED BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
PS of New Mexico $350 mln 10-yr Baa3/BB+/NA LEH/ML 5/8
------------------------------------------------------------------------------
CONVERTIBLE BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
HIGH-YIELD BOND SALES EXPECTED FOR WEEK OF 5/5/2008
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
------------------------------------------------------------------------------
UPCOMING DEALS
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
PREVIOUS HIGH-GRADE BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
AMB Property LP $325 mln 5-yr mtn Baa1/BBB/BBB+ BAS/JPM/MS 4/28
*Bank of Montreal $2.5 bln 6-yr ext A1/A+/NA BMO/GS/MS 4/29
Bristol-Myers $600 mln 10-yr A2/A+/A BAS/JPM/MS 4/28
Bristol-Myers $1.0 bln 30-yr A2/A+/A BAS/JPM/MS 4/28
Chubb Corp $600 mln 10-yr A2/A/A+ CITI/GS/ML 5/1
Chubb Corp $600 mln 30-yr A2/A/A+ CITI/GS/ML 5/1
Comcast $1.0 bln 10-yr Baa2/BBB+/BBB+ CITI/DB/ML/UBS 5/2
Comcast $1.0 bln 30-yr Baa2/BBB+/BBB+ CITI/DB/ML/UBS 5/2
Credit Suisse NY $4.0 bln 5-yr mtn Aa1/AA-/AA- CS 5/1
Dow Chemical $800 mln 10-yr A3/A-/A- HSBC/ML/RBSGC 5/1
*Genworth Life $500 mln 5-yr Aa3/AA-/NA BAS/WACH 4/29
*Israel Electric $1.0 bln 10-yr Baa2/BBB+/NA CITI/LEH 5/2
Jackson Nat'l $300 mln 5-yr A1/AA/NA BAS/MS 5/1
KeyBank NA $300 mln 7-yr A2/A-/A- CITI/CS/UBS 5/1
KLA-Tencor $750 mln 10-yr Baa1/BBB/BBB ML 4/29
Lehman Bros Hldgs $2.0 bln 30-yr A2/A/A+ LEH 5/2
Morgan Stanley $2.0 bln 10-yr Aa3/AA-/AA- MS 5/2
*NY Life Global $1.0 bln 5-yr Aaa/AAA/NA DB/ML/WB 5/2
*Pearson Dollar $350 mln 5-yr Baa1/BBB+/NA BARC/BNP/CITI 4/29
*Pearson Dollar $550 mln 10-yr Baa1/BBB+/NA BARC/BNP/CITI 4/29
Prologis $600 mln 10-yr Baa1/BBB+/BBB+ CITI/GS/RBSGC 5/1
------------------------------------------------------------------------------
PREVIOUS SPLIT-RATED BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Centerpoint Engy $300 mln 10-yr Ba1/BBB-/BBB- LEH/RBSGC/WB 5/1
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PREVIOUS HIGH-YIELD BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Ford Motor Credit $1.1 bln 7-yr B1/B/BB- JPM 4/29
*MarkWest Engy $100 mln 10-yr B2/B/NA JPM/RBC/WACH 4/28
------------------------------------------------------------------------------
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: [2008-05-09 20:59:00]
May 9 (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 5/5/2008
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
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
------------------------------------------------------------------------------
SPLIT-RATED BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
PS of New Mexico $350 mln 10-yr Baa3/BB+/NA LEH/ML 5/8
------------------------------------------------------------------------------
CONVERTIBLE BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
HIGH-YIELD BOND SALES EXPECTED FOR WEEK OF 5/5/2008
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
------------------------------------------------------------------------------
UPCOMING DEALS
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
------------------------------------------------------------------------------
PREVIOUS HIGH-GRADE BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
AMB Property LP $325 mln 5-yr mtn Baa1/BBB/BBB+ BAS/JPM/MS 4/28
*Bank of Montreal $2.5 bln 6-yr ext A1/A+/NA BMO/GS/MS 4/29
Bristol-Myers $600 mln 10-yr A2/A+/A BAS/JPM/MS 4/28
Bristol-Myers $1.0 bln 30-yr A2/A+/A BAS/JPM/MS 4/28
Chubb Corp $600 mln 10-yr A2/A/A+ CITI/GS/ML 5/1
Chubb Corp $600 mln 30-yr A2/A/A+ CITI/GS/ML 5/1
Comcast $1.0 bln 10-yr Baa2/BBB+/BBB+ CITI/DB/ML/UBS 5/2
Comcast $1.0 bln 30-yr Baa2/BBB+/BBB+ CITI/DB/ML/UBS 5/2
Credit Suisse NY $4.0 bln 5-yr mtn Aa1/AA-/AA- CS 5/1
Dow Chemical $800 mln 10-yr A3/A-/A- HSBC/ML/RBSGC 5/1
*Genworth Life $500 mln 5-yr Aa3/AA-/NA BAS/WACH 4/29
*Israel Electric $1.0 bln 10-yr Baa2/BBB+/NA CITI/LEH 5/2
Jackson Nat'l $300 mln 5-yr A1/AA/NA BAS/MS 5/1
KeyBank NA $300 mln 7-yr A2/A-/A- CITI/CS/UBS 5/1
KLA-Tencor $750 mln 10-yr Baa1/BBB/BBB ML 4/29
Lehman Bros Hldgs $2.0 bln 30-yr A2/A/A+ LEH 5/2
Morgan Stanley $2.0 bln 10-yr Aa3/AA-/AA- MS 5/2
*NY Life Global $1.0 bln 5-yr Aaa/AAA/NA DB/ML/WB 5/2
*Pearson Dollar $350 mln 5-yr Baa1/BBB+/NA BARC/BNP/CITI 4/29
*Pearson Dollar $550 mln 10-yr Baa1/BBB+/NA BARC/BNP/CITI 4/29
Prologis $600 mln 10-yr Baa1/BBB+/BBB+ CITI/GS/RBSGC 5/1
------------------------------------------------------------------------------
PREVIOUS SPLIT-RATED BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Centerpoint Engy $300 mln 10-yr Ba1/BBB-/BBB- LEH/RBSGC/WB 5/1
------------------------------------------------------------------------------
PREVIOUS HIGH-YIELD BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Ford Motor Credit $1.1 bln 7-yr B1/B/BB- JPM 4/29
*MarkWest Engy $100 mln 10-yr B2/B/NA JPM/RBC/WACH 4/28
------------------------------------------------------------------------------
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
EURO CORP-Credit spreads steady despite equity gloom
Reuters: [2008-05-09 16:47:00]
By Richard Barley
LONDON, May 9 (Reuters) - European credit spreads were little changed on Friday, widening initially and then staging a small rally late in the session, despite a gloomy day for global equities in the wake of a big loss by U.S. insurer AIG <AIG.N>.
By 1430 GMT, the investment-grade Markit iTraxx Europe index <ITRAC5EA=GFI> was at 80 basis points, according to Markit data, unchanged versus late on Thursday. The index is 16 basis points wider versus last Friday.
The iTraxx Crossover index <ITCRS5EA=GFI>, made up of 50 mostly "junk"-rated credits, was 4 basis points wider at 458 basis points. The Crossover is some 60 basis points wider versus last Friday.
The link between credit and equity markets has been broken in recent sessions after a long period in which prices moved in tandem, with credit having sharply outperformed stocks over that time.
"We've gone wider over the last few days and decoupled from stocks a little bit," said a trader in London, adding that flows on Friday were light.
"We're just seeing some bids get hit now and we may have a little rally into the close."
Many analysts have warned the huge tightening in credit spreads seen since the rescue of Bear Stearns <BSC.N> in mid-March had overrun, with the Europe index tightening by over 100 basis points and the Crossover index breaking back below 400 basis points, albeit briefly.
The hunt is now on for signs of economic disruption in the wake of the financial system crisis.
Strategists at BNP Paribas said on Friday the U.S. Federal Reserve's senior loan officer survey this week and the increase in the type of collateral it would accept in liquidity facilities showed this was happening.
"The message is very clear that we are now entering the next phase of the credit crunch as credit is increasingly being rationed to the real economy by the financial system," they wrote in a note to clients.
"The recent underperformance of non-financials versus financials and a drop in earnings and earnings expectations is evidence that the market is moving away from systemic risk to single-name credit risk."
Adding to that picture, the European Central Bank said on Friday euro zone banks were making it harder for companies and households to borrow money. [ID:nL09409883].
However, the primary corporate bond market this week saw continued good activity, although the U.S. market dominated as drugmaker GlaxoSmithKline <GSK.L> issued $9 billion of debt there, drawing nearly $18 billion of orders.
Analysts said the good demand for new issues was reassuring and showed that despite the widening in credit derivatives spreads, investors still had appetite for corporate debt. (Reporting by Richard Barley; editing by Sue Thomas)
((richard.barley@reuters.com; +44 20 7542 7770; Reuters Messaging rm://richard.barley.reuters.com@reuters.net))
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[ABS] Asset-backed securities
[CDV] Credit derivatives news
[AAA] Credit ratings news
[TOP/DBT] Top fixed income news
[TOP/CREDIT] Top credit news
Other market reports:
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Keywords: MARKETS BONDS EUROCORP
Forward Calendar - U.S. corporate bond new issues
Reuters: [2008-05-09 14:53:00]
May 9 (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 5/5/2008
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
JP Mgn Chase Cap $1.6 bln 70-yr Aa3/A/A+ JPM 5/7
*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
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SPLIT-RATED BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
PS of New Mexico $350 mln 10-yr Baa3/BB+/NA LEH/ML 5/8
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CONVERTIBLE BOND SALES EXPECTED FOR WEEK OF 5/5/2008
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
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HIGH-YIELD BOND SALES EXPECTED FOR WEEK OF 5/5/2008
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
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UPCOMING DEALS
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
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PREVIOUS HIGH-GRADE BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
AMB Property LP $325 mln 5-yr mtn Baa1/BBB/BBB+ BAS/JPM/MS 4/28
*Bank of Montreal $2.5 bln 6-yr ext A1/A+/NA BMO/GS/MS 4/29
Bristol-Myers $600 mln 10-yr A2/A+/A BAS/JPM/MS 4/28
Bristol-Myers $1.0 bln 30-yr A2/A+/A BAS/JPM/MS 4/28
Chubb Corp $600 mln 10-yr A2/A/A+ CITI/GS/ML 5/1
Chubb Corp $600 mln 30-yr A2/A/A+ CITI/GS/ML 5/1
Comcast $1.0 bln 10-yr Baa2/BBB+/BBB+ CITI/DB/ML/UBS 5/2
Comcast $1.0 bln 30-yr Baa2/BBB+/BBB+ CITI/DB/ML/UBS 5/2
Credit Suisse NY $4.0 bln 5-yr mtn Aa1/AA-/AA- CS 5/1
Dow Chemical $800 mln 10-yr A3/A-/A- HSBC/ML/RBSGC 5/1
*Genworth Life $500 mln 5-yr Aa3/AA-/NA BAS/WACH 4/29
*Israel Electric $1.0 bln 10-yr Baa2/BBB+/NA CITI/LEH 5/2
Jackson Nat'l $300 mln 5-yr A1/AA/NA BAS/MS 5/1
KeyBank NA $300 mln 7-yr A2/A-/A- CITI/CS/UBS 5/1
KLA-Tencor $750 mln 10-yr Baa1/BBB/BBB ML 4/29
Lehman Bros Hldgs $2.0 bln 30-yr A2/A/A+ LEH 5/2
Morgan Stanley $2.0 bln 10-yr Aa3/AA-/AA- MS 5/2
*NY Life Global $1.0 bln 5-yr Aaa/AAA/NA DB/ML/WB 5/2
*Pearson Dollar $350 mln 5-yr Baa1/BBB+/NA BARC/BNP/CITI 4/29
*Pearson Dollar $550 mln 10-yr Baa1/BBB+/NA BARC/BNP/CITI 4/29
Prologis $600 mln 10-yr Baa1/BBB+/BBB+ CITI/GS/RBSGC 5/1
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PREVIOUS SPLIT-RATED BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Centerpoint Engy $300 mln 10-yr Ba1/BBB-/BBB- LEH/RBSGC/WB 5/1
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PREVIOUS HIGH-YIELD BOND SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
Ford Motor Credit $1.1 bln 7-yr B1/B/BB- JPM 4/29
*MarkWest Engy $100 mln 10-yr B2/B/NA JPM/RBC/WACH 4/28
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PREVIOUS CONVERTIBLE SECURITIES SALES
COMPANY AMT MAT/DEBT RTGS MGRS PRICED
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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
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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
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