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Corporate Bonds and Leveraged Loans

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RGE STRATEGY VIEW

Cross Asset Monthly: A Summer of Discontent: Navigating the Tug of War Between Greed and Fear

By Arnab Das, Natalia Gurushina, Arun Motianey, David Nowakowski, Gina Sanchez and Jennifer Kapila Jul 27, 2010

High-Yield Bonds and Distressed Debt

Covenant-Lite and Payment-In-Kind Features: 'Zombie' Companies Delay Defaults, Hurt Recovery Rates

U.S. Corporate Bonds

Risk Aversion Hits the Corporate Bond Market

Leveraged Loans and Collateralized Loan Obligations (CLO)

Leveraged Loans and CLOs: Markets Stage a Comeback

Commercial Paper

Asset-Backed Commercial Paper Outlook: Inherently Unstable Market?

Is the Economic Recovery for Real? The Commercial Paper Test

Asia/Pacific

China: Corporate Finance

Chinese Corporate Bond Market Looks Offshore

Private Equity in China: Local Players and Joint Ventures

China : North East Asia : Asia/Pacific : Finance and Banking : Corporate Bonds and Leveraged Loans : Corporate Finance : Hedge Funds and Private Equity :

China: Credit Markets

Crouching Local Debts, Hidden Risks: How Exposed Are China's Banks?

Chinese Corporate Bond Market Looks Offshore

China : North East Asia : Asia/Pacific : Finance and Banking : Markets : Corporate Bonds and Leveraged Loans : Corporate Finance : Government Bonds : Money Markets :

Europe

The European Corporate Debt Market

Implementing the Eurozone's Bank Recapitalization and Debt Guarantee Plans

Eye on External Debt Levels in Eastern Europe

Europe : Finance and Banking : Markets : Corporate Bonds and Leveraged Loans : Corporate Finance :

North America

U.S. Corporate Bonds

Risk Aversion Hits the Corporate Bond Market

Credit Markets: Outlook for 2010

United States : Advanced Economies : North America : Finance and Banking : Markets : Corporate Bonds and Leveraged Loans : Money Markets :

Leveraged Loans and Collateralized Loan Obligations (CLO)

Leveraged Loans and CLOs: Markets Stage a Comeback

How to Dispose of the US$100-200 Billion Leveraged Loan Overhang? Provide Financing To Buyer

United States : Advanced Economies : North America : Finance and Banking : Corporate Bonds and Leveraged Loans :

High-Yield Bonds and Distressed Debt

Covenant-Lite and Payment-In-Kind Features: 'Zombie' Companies Delay Defaults, Hurt Recovery Rates

The Empty Creditor Phenomenon: Does It Also Work In Reverse?

United States : Advanced Economies : North America : Finance and Banking : Corporate Bonds and Leveraged Loans : Hedge Funds and Private Equity :

Commercial Paper

Asset-Backed Commercial Paper Outlook: Inherently Unstable Market?

Is the Economic Recovery for Real? The Commercial Paper Test

United States : North America : Finance and Banking : Markets : Corporate Bonds and Leveraged Loans : Money Markets :

Cash Bond - CBS Basis Comparison

2009 A Year of Two Halves for Recovery Rates: What are the Risks in 2010?

The CDS Basis-Trade: Why is the Spread Convergence Stalling?

United States : North America : Finance and Banking : Corporate Bonds and Leveraged Loans :

RGE Analysis

CROSS ASSET MONTHLY

Credit: Who Gets Their Pound of Flesh?

David Nowakowski Aug 31, 2010

CROSS ASSET MONTHLY

Currencies: The End of Exuberance

Natalia Gurushina Aug 31, 2010

CROSS ASSET MONTHLY

Emerging Markets: At the Cross Roads

Natalia Gurushina Aug 31, 2010

CROSS ASSET MONTHLY

Fixed Income: Unconventional Policies Create Uncertainty

Arun Motianey Aug 31, 2010

CROSS ASSET MONTHLY

Equities: Über Competitive Germany

Gina Sanchez Aug 31, 2010

CROSS ASSET MONTHLY

Executive Summary: States of Flux: Stay Risk Averse

Arnab Das Aug 31, 2010

CROSS ASSET MONTHLY

Financial Institutions: Cracks in the EZ Façade

Jennifer Kapila Aug 31, 2010

RGE STRATEGY FLASH

Fool’s Gold at the End of the ECB Rainbow?

By Jennifer Kapila Aug 30, 2010

Approaching a Dangerous Stall Speed

By Nouriel Roubini, Christian Menegatti and Prajakta Bhide Aug 27, 2010

RGE STRATEGY VIEW

Struggling to Break Free: Rising Correlations Part II

By David Nowakowski and Natalia Gurushina Aug 25, 2010

RGE STRATEGY VIEW

The History of Risk—Correlations, Volatilities and Z-Scores

By David Nowakowski and Natalia Gurushina Aug 25, 2010

RGE STRATEGY VIEW

Q3 2010 Scenario Analysis: Macroeconomic Factors & Asset Class Investment Implications

By Christian Menegatti, Rachel Ziemba, Arnab Das, Arun Motianey, Gina Sanchez, Natalia Gurushina and David Nowakowski Aug 2, 2010

RGE STRATEGY VIEW

Cross Asset Monthly: A Summer of Discontent: Navigating the Tug of War Between Greed and Fear

By Arnab Das, Natalia Gurushina, Arun Motianey, David Nowakowski, Gina Sanchez and Jennifer Kapila Jul 27, 2010

RGE STRATEGY VIEW

Cross Asset Monthly: EZ Does It! From Mayhem in May, Moderation (at Best) in June

By Arnab Das, Natalia Gurushina, Jennifer Kapila, David Nowakowski, Arun Motianey and Gina Sanchez Jun 1, 2010

RGE STRATEGY VIEW

Financial Regulation: The Devil in the Details

By Jennifer Kapila, Parul Walia and Arnab Das May 26, 2010

Global Market Strategy Q2 2010: Developed Market Fixed Income

By Arun Motianey Apr 28, 2010

Record Corporate Bond Spreads: A Buying Opportunity?

Elisa Parisi-Capone Dec 6, 2008

Revisiting my February Paper “The Risk of a Systemic Financial Meltdown: The 12 Steps to Financial Disaster”… and Some New Policy Recommendations to Avoid the Meltdown

Nouriel Roubini Oct 8, 2008

Market Review: 2007, Year of...

Mikka Pineda Dec 21, 2007

EconoMonitors

Emerging Markets Monitor

Debriefing Nakheel - Wider Implications for the Sukuk Market

Heiko Hesse and Andreas Jobst Apr 29, 2010

Finance & Markets Monitor

More Proof the Bubble Is Back

Yves Smith Apr 25, 2010

Finance & Markets Monitor

Reverse Engineering AAA Ratings

Barry Ritholtz Apr 25, 2010

RGE Analysts' EconoMonitor

Nothing “Perverse” about the Flight to Bonds

Jennifer Kapila and Arnab Das Feb 10, 2010

Finance & Markets Monitor

Where’s the Bubble: Stocks or Bonds?

Barry Ritholtz Feb 2, 2010

US EconoMonitor

Non-Reform of Rating Agencies

Yves Smith Dec 8, 2009

Emerging Markets Monitor

Rapidly Growing Local-Currency Bond Markets Offer a Viable Alternative Funding Source for Emerging-Market Issuers

Ismail Dalla and Heiko Hesse Oct 14, 2009

US EconoMonitor

No Accounting for Taste

Satyajit Das Sep 14, 2009

RGE Analysts' EconoMonitor

Credit Markets Update: Fundamentals Driven or Too Much Liquidity?

Elisa Parisi-Capone Aug 12, 2009

Daily Digest

Analysis

Baltic Fixed Income: Longing the Baltic Risk

SEB  Sep 02, 2010

News

Carney Rate Outlook Fades in Best Month for Bonds Since '08: Canada Credit

Bloomberg  Alexandre Deslongchamps and Ilan Kolet Sep 01, 2010

News

Turkish Corporate Bond Market Back on Its Feet

Hurriyet  Aug 27, 2010

News

Qatar Exchange Drafts Rules to Start Trading in Bonds

Bloomberg  Robert Tuttle Aug 26, 2010

News

Icelandic FinMin: Landsbanki Bond Holders `Not Likely to Get Much'

Bloomberg  Omar R. Valdimarsson Aug 25, 2010

News

Singapore Bond Sales Beat Record as Economy Fires, Costs Plunge

Bloomberg  Katrina Nicholas Aug 24, 2010

News

Putin to Offer Shortest-Term Debt in Seven Years: Russia Credit

Bloomberg  Emma O’Brien Aug 24, 2010

Analysis

Solicited and Unsolicited Credit Ratings: A Global Perspective

ADBI  Winnie P. H. Poon and Kam C. Chan Aug 23, 2010

News

Corporate Yields to Rise as State Sales Triple; Russia Credit

Bloomberg  Paul Abelsky Aug 24, 2010

Blogs

The Taylor Rule And The “Bond Bubble”

Conscience of a Liberal  Paul Krugman Aug 22, 2010

News

Europe leads way for Yankee bond sales

Financial Times  Richard Milne and Anousha Sakoui Aug 24, 2010

Blogs

Bond bubbles: Could this explain cheap equities?

Free exchange, Economist  Rob Dugger Aug 22, 2010

News

Russian Banks Return to Global Debt Markets

Russia Today  Aug 20, 2010

News

PDVSA to Sell $2 Billion of Bonds ‘Soon,’ Chavez Says (Update1)

Bloomberg  Jose Orozco Aug 20, 2010

Blogs

Corporate cash piles & bond yields

FT Alphaville  Izabella Kaminska Aug 19, 2010

News

McDonald's raises $29.5 million in yuan bonds

MarketWatch  Aug 19, 2010

Blogs

And the junk bond rally sailed on

FT Alphaville  Cardiff Garcia Aug 17, 2010

News

China high-yield bonds get mixed results

Finance Asia  Aug 17, 2010

Blogs

The unsecured vs covered bond anathema

FT Alphaville  Izabella Kaminska Aug 16, 2010

News

Russia Banks Boost Foreign Debt as Deposits at Record

Bloomberg  Paul Abelsky and Maria Levitov Aug 16, 2010

Analysis

Emergence of Rating Agencies: Implications for Establishing a Regional Rating Agency in Asia

ADBI  Li-Gang Liu and Ying Yi Tsai Aug 13, 2010

Analysis

U.S. Corporate Bond Market: A Review of Second-Quarter 2010 Rating and Issuance Activity

Fitch Ratings  Aug 6, 2010

Opinions

Dodging defaults: The corporate-bond market has proved more resilient than feared

Economist  Aug 05, 2010

Blogs

ECB dissent in the collateral/cover/credit rating ranks

FT Alphaville  Tracy Alloway Aug 10, 2010

Blogs

BNZ raises NZ$365 mln through senior bond offers

Interest.co.nz  Gareth Vaughan Aug 10, 2010

News

Russia Recovery Sends 2020 Eurobonds to Best Rally

Bloomberg  Michael Patterson and Denis Maternovsky Aug 09, 2010

Blogs

Growth in Receivables Sounds Alarm for Corporate Debt

Research Recap / Audit Integrity  Aug 05, 2010

Blogs

Investor Recoveries on Defaulted Debt Near Normal, Despite Recession

Research Recap / Moody's  Aug 05, 2010

News

Ghana Plans to Start Bond Market as Economy Stabilizes, Boost Regulations

Bloomberg  Jason McLure Aug 05, 2010

News

Europe Junk Spreads Poised to Drop Below U.S.: Credit Markets

Bloomberg  Kate Haywood and Bryan Keogh Aug 04, 2010

News

Junk Debt ‘Bubblelicious,’ Prices Approach Par: Credit Markets

Bloomberg  John Detrixhe Aug 04, 2010

Analysis

Russian Federation: 2010 Article IV Consultation - Staff Report; and Public Information Notice on the Executive Board Discussion

IMF  Aug 02, 2010

News

Singapore Lures Russian Borrowers as VTB Sells Bonds

Bloomberg  Denis Maternovsky and Katrina Nicholas Aug 02, 2010

News

Banks on Europe's Edge Face $122 Billion Refinancing Bill

Bloomberg  Kate Haywood and Bryan Keogh Aug 02, 2010

Analysis

U.S. Leveraged Finance Quarterly, July 2010

FitchRatings (free registration)  Mike Simonton and Darin Schmalz et al Jul 31, 2010

Analysis

GCC Bonds & Sukuk Market Survey July 2010

Markaz  July 2010

News

Russia Companies Lift Debt, Stock Financing to 70%

Bloomberg  Denis Maternovsky and Jason Webb Jul 28, 2010

Blogs

GCC: Defaults undermine new Islamic bond issues and Islamic finance

Arabian Money  Jul 28, 2010

News

Russia’s Drought Raises Bondholder Risk on Prices

Bloomberg  Maria Kolesnikova and Maria Levitov Jul 27, 2010

News

Ratings Understate `Dangerous' Chinese Local Government Risks, Dagong Says

Bloomberg  Jul 27, 2010

Analysis

European Corporate Funding Disintermediation: Structural Shift to Bonds from Loans to Continue

FitchRatings (free registration)  Alex Griffiths, Kalthoum Sammari and Monica Insoll Jul 26, 2010

Analysis

Eastern Europe Fixed Income: Weekly Overview, July 12

Parex Group  Jul 12, 2010

News

China Investors Defy Rogoff Crash Warning With Bets on Developers' Bonds

Bloomberg  Jul 21, 2010

News

Bond Sale? Don't Quote Us, Request Credit Firms

Wall Street Journal  Anusha Shrivastava Jul 21, 2010

Analysis

Russia: Financial Stability Review, 2009

Central Bank of the Russian Federation  Jul 20, 2010

Analysis

GCC Debt Market Tracker: Debt markets revive

NCB Capital  Jul 20, 2010

Blogs

Correlated returns, high-yield edition

FT Alphaville / Moody's  Izabella Kaminska Jul 19, 2010

News

Russian Private Company Bonds Beating Government Debt

Bloomberg  Michael Patterson Jul 19, 2010

Analysis

The Russian Bond Market: Extra Juice Left in 2010

VTB Capital  Vitaly Bouzoveria Jul 16, 2010

Analysis

Russia: Industrial Production up 9.7% y-o-y in June but 0.4% m-o-m; Government Moves to Discourage Corporate Foreign-Currency Borrowing; Sberbank June 2010 RAS: Loan Growth Close to Average for Rest of Sector, Provisioning Rising; Ukraine: Industrial Outp

Alfa Bank  Jul 16, 2010

Analysis

Countering the Euro Shock: The Dollar’s Appreciation and U.S. Corporate Credit Risks

Fitch Ratings  William Warlick and Mark Oline Jul 14, 2010

News

Greek Banks Drive Bill Rates Below EU Loans in Post-Crisis Sale

Bloomberg  Anchalee Worrachate Jul 13, 2010

Opinions

Why Pimco Likes Stocks

Bloomberg Markets Magazine  Seth Lubove and Sree Vidya Bhaktavatsalam Jul 07, 2010

Blogs

Number of the Week: Euro Zone Debt Is Coming Due

Real Time Economics, Wall Street Journal  Mark Whitehouse Jul 10, 2010

News

Russia Bank Bonds Rally after ‘One-Off’ IIB Default

Bloomberg  Denis Maternovsky and Jack Jordan Jul 08, 2010

News

Big returns lure investors to distressed debt

Financial Times  Anousha Sakoui Jul 06, 2010

Blogs

High Yield Spreads

Bespoke Investment Group  Jul 06, 2010

News

Rubble Tax Breaks to Shrink Dollar Debt as Rates Drop

Bloomberg  Paul Abelsky and Denis Maternovsky Jul 07, 2010

Analysis

What Bond Bubble?

Bond Squawk  Rom Badilla Jul 06, 2010

Analysis

Cross Asset Monthly: A Midsummer Nightmare: Hostage to the Slings and Arrows of Outrageous Fortune

RGE  Arnab Das, Jennifer Kapila, Natalia Gurushina, Arun Motianey, Gina Sanchez and David Nowakowski Jul 01, 2010

Blogs

The Dow yields more than 10-year Treasuries

Reuters  Felix Salmons Jul 01, 2010

News

BOC plans to raise 60b yuan: reports

South China Morning Post  Jul 02, 2010

Analysis

Bond-Market Run? It's Done

Wall Street Journal  Mark Gongloff Jul 01, 2010

Blogs

From junk bonds to junk mortgage bonds

FT Alphaville  Tracy Alloway Jul 01, 2010

News

Bond Sales Drop to 2004 Levels as Cash Builds: Credit Markets

Bloomberg  Bryan Keogh and John Detrixhe Jun 30, 2010

News

Russian Banks Seek up to $2.6 bln in Eurobonds

Reuters  Sujata Rao, Dmitry Sergeyev and Oksana Kobzeva Jun 30, 2010

News

The $5 trillion rollover

Reuters  James Saft Jun 29, 2010

Research

Marching Uphill: U.S. Corporate Credit Outlook for Second-Half 2010

Fitch Ratings  Mark Oline Jun 29, 2010

News

Debt Distress Rises as Goldman, JPMorgan Vary on Defaults: Credit Markets

Bloomberg  Bryan Keogh and John Detrixhe Jun 28, 2010

News

Hong Kong to Issue First Yuan-Denominated Corporate Bonds

Caixin  Wang Duan Jun 28, 2010

News

Bond Distress Rises as Default Forecasts Vary: Credit Markets

Bloomberg  Bryan Keogh and John Detrixhe Jun 27, 2010

News

Economic fears reignite eurozone bond trouble

Financial Times  David Oakley Jun 25, 2010

Blogs

How Quickly Are We Turning Japanese?

Deep Thoughts  Jun 24, 2010

Analysis

The Extreme Credit Cycle — Making Sense of a 1% U.S. High Yield Default Rate

FitchRatings (free registration)  Mariarosa Verde, Eric Rosenthal, Mark Oline and Mike Simonton Jun 22, 2010

News

Life returns to European corporate bonds

Financial Times  Anousha Sakoui Jun 17, 2010

Analysis

Bank Risk From Leveraged Loan Refinancing is Manageable

Research Recap  Jun 17, 2010

Research

Multimarket trading and the cost of debt: evidence from global bonds

European Central Bank  Lubomir Petrasek June 2010

Blogs

BP Bonds Getting Crushed: Are They a Screaming Buy?

MarketBeat  Matt Phillips Jun 15, 2010

News

CREDIT MARKETS: Encouraging US Data Boosts Debt Markets

Wall Street Journal  Chris Dieterich Jun 15, 2010

News

S.&P. Warns of Rising Corporate Defaults

New York Times  The Dealbook Jun 16, 2010

Analysis

Interest Rate Spreads Not Supportive of the Stock Rally

SeekingAlpha  Richard Shaw Jun 16, 2010

News

Euro Company Yield Spreads Rise to Record Versus U.S. Debt: Credit Markets

Bloomberg  Bryan Keogh and John Detrixhe Jun 11, 2010

News

Moving the Markets: Europe Looks to Break US Ratings Monopoly

Spiegel  Jun 11, 2010

News

If Belgium struggles to pull of federalism, what hope does Europe have?

Economist  Jun 10, 2010

News

Europe launches credit ratings offensive

Times  Patrick Hosking and David Charter Jun 03, 2010

Analysis

Quarterly note on the euro-denominated bond markets - March 2010

European Commission  Jun 02, 2010

Blogs

All Look Same (to me)

Macro Man  Jun 01, 2010

News

Bond New Issues Shut as Bank Default Swaps Rise: Credit Markets

Bloomberg  Kate Haywood and Sapna Maheshwari Jun 01, 2010

Analysis

Bond spreads widen on bank credit risk worries

Financial Times  Aline van Duyn May 31, 2010

News

Doubt rises over regular bond indices

Financial Times  Ruth Sullivan May 30, 2010

News

U.S. Corporate Credit Risk Index Rises Most Since February 2009

Bloomberg  John Detrixhe May 28, 2010

News

Leveraged-Loan Returns Head for First Monthly Loss in 16 Months

Bloomberg  Richard Bravo May 28, 2010

News

Cash is king

Financial Times  Lex May 28, 2010

News

Argentine Bond Awards to Be Recalculated, Court Rules (Update1)

Bloomberg  Fred Strasser and Andrew Dunn May 27, 2010

News

Colombia Bond Yields May Surge on Issuance, Davivienda Says

Bloomberg  Andrea Jaramillo May 27, 2010

News

Moody's Upgrades Colombia's Notes Backed By World Bank To Aaa

Wall Street Journal  May 27, 2010

News

Bond Distress Highest Since ’09 as Sales Vanish: Credit Markets

Bloomberg  Kate Haywood and Bryan Keogh May 27, 2010

News

GCC firms postpone issuance of bonds

Emirates Business  Shveta Pathak May 27, 2010

Analysis

European Senior Fixed Income: Sovereign Refinancing Challenges Escalate

Fitch  May 26, 2010

RGE Global Outlook Update


Table of Contents


Economic Outlooks:
 Global | U.S. | Japan
China | Eurozone
Germany | France | UK
India | Brazil


Global Issues
Growth & CPI | Commodities

Top 10 Most Read

1. Executive Summary: States of Flux: Stay Risk Averse
2. Approaching a Dangerous Stall Speed
3. The Big Picture: It Will Get Worse Before it Gets Better
4. U.S. Industrial Production Rises; Mixed Signals From Regional Surveys
5. Power Shortages Plague MENA
6. Wen Ex Machina
7. China's PMIs Signal a Moderation, Not a Hard Landing
8. Commodities: No Pain, No Grain
9. U.S. Home Prices: Any Signs of an Impending Double Dip?
10. Australian GDP Growth: Still Going Strong in 2010

FEATURED ANALYSIS

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Public debt sustainability in most advanced

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RGE Strategy Flash

Dead Cat Bounce

By Gina Sanchez and Christian Menegatti 9/2/2010

United States: Oil Production and Supply

Another Rig Explosion in the Gulf of Mexico: Will it Affect U.S. Oil Production?

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