Stung by Oil, Distressed-Debt Traders See Worst Losses Since ’08 – Bloomberg Business <link href=”//assets.bwbx.io/business/public/stylesheets/noscript.78e39895.css” media=”all” rel=”stylesheet” type=”text/css”> It’s mid-November, but for investors who trade in the debt of distressed companies, the year’s already done — and they lost.Hedge funds that specialize in the debt are grappling with their worst declines in seven years. Funds […]
Junk bonds closed their worst quarter in four years, and investment-grade corporates turned weak. It’s Been a Terrible Week for the Credit Market – Bloomberg Business <link href=”//assets.bwbx.io/business/public/stylesheets/noscript.78e39895.css” media=”all” rel=”stylesheet” type=”text/css”> The past few days have been challenging ones for the corporate bond market where companies sell their debt. New rules around fund liquidity announced by the […]
Junk bonds just ‘blew up’ – Business Insider You wouldn’t know by looking at the US Treasury market, which remained relatively sanguine this week, with only a little panic buying on Tuesday. So 10-year Treasuries ended the week near where they’d started it. But at the other end of the spectrum, the riskiest portion of […]
Halcon Resources Corp. almost ran into trouble with its banks in June 2013. And again in March 2014. And in February 2015. Each time, the shale driller came close to violating debt limits set by its lenders, endangering a credit line that provided as much as $1.05 billion in much-needed cash. Each time, Halcon’s banks, […]
If a company has too much debt and too little income, it’s going to struggle to pay its bills, regardless of when its bonds come due. This is a lesson that investors are learning as distressed U.S. bonds suffer their worst performance since 2008. The notes have plunged 7.5 percent so far this year and […]
Spanish-language broadcaster Univision Holdings Inc. launched the process for an initial public offering by filing Thursday with the Securities and Exchange Commission. The New York-based company filed for an IPO of up to $100 million. That figure, used to calculate registration fees, is likely to change. Univision will trade under ticker symbol “UVN,” though the […]
The debt that fueled the U.S. shale boom now threatens to be its undoing. Drillers are devoting more revenue than ever to interest payments. In one example, Continental Resources Inc., the company credited with making North Dakota’s Bakken Shale one of the biggest oil-producing regions in the world, spent almost as much as Exxon Mobil […]
Corporate takeovers became a prominent feature of the American business landscape during the seventies and eighties. A hostile takeover usually involves a public tender offer—a public offer of a specific price, usually at a substantial premium over the prevailing market price, good for a limited period, for a substantial percentage of the target firm’s stock. […]
The Appian Fund returned –1.29% in April as quantitative strategies struggled during the month. Low volatility and the stalling of the U.S. Dollar rally were the primary culprits. As a reminder, we substantially reallocated the Fund’s portfolio as of May 1st, exiting two managers and replacing them with two managers new to the Wilshire Managed […]
The Global Overhang (According to Goldilocks): Too Much, Too Little, or Just Right? Following the global financial crisis, we were the first to measure the capital overhang in the US private equity industry and have continued to track its movements, noting that it has been primarily receding. The capital overhang represents unexpired, uncalled capital commitments and […]
The Appian Fund returned –0.07% in March as markets reacted not to worldwide economic news, but rather to speculation as to how the Federal Reserve would interpret and react to such news. U.S. equities sold off early in the month on fears that positive economic news would cause the Fed to consider a change in […]
The well-documented plunge in oil prices has prompted many investors to scour their portfolios for any exposure to the stumbling commodity, but Jefferies says there’s another place they should be watching: real estate. “We worry REIT managements might be too positive about the outlook in Texas,” Jefferies analysts Omatoyo Okusanya, Charles Croson and George Hoglund […]
