Adam Cohen

Chesapeake Energy Bond’s Call Option Can Limit Investor Gains

Chesapeake Energy Corp., the second- biggest U.S. natural-gas producer, completed an unprecedented bond offering Feb. 13 that could limit returns in the event of an asset sale, according to bond analysts from Wells Fargo & Co. and Covenant Review.

Leon Black Loses to Carl Icahn as Apollo Sets New Credit Terms

In a private dining room at the Beverly Hills restaurant Spago, four dozen financiers gathered in April for a dinner put on by one of their own: Leon Black , head of private equity giant Apollo Global Management LLC .

BP Seeking at Least $5 Billion to Fund Spill Payments

BP Plc , the target of more than 220 lawsuits over the Gulf of Mexico oil spill, is seeking at least $5 billion in financing to meet compensation payments, according to two bankers approached by the company.

Anadarko Debtors Forgiving Spill in Bond Frenzy: Credit Markets

Anadarko Petroleum Corp. sold $2 billion of notes that lack creditor protections against claims stemming from the worst oil spill in U.S. history, underscoring how corporations are gaining the upper hand over debt investors.

Junk Bonds' Weakest Creditor Protection Since '07 Doesn't Deter New Issues

Two years after suffering $213.2 billion of losses when debt markets froze, investors in junk bonds are accepting what Moody’s Investors Service calls the weakest creditor protections since 2007.

Gross Starts Derivative-Lite Version of Pimco Total Return as Rally Ends

Bill Gross is starting a new version of his Pimco Total Return Fund that will rely less on derivatives and leverage, two of the tools he used to build Total Return into the world’s largest mutual fund.

BofA Said to Keep Countrywide Bankruptcy as ‘Nuclear Option’ to End Losses

Bank of America Corp., the lender burdened by its Countrywide Financial Corp. takeover, would consider putting the unit into bankruptcy if litigation losses threaten to cripple the parent, said four people with knowledge of the firm’s strategy.

Junk Borrowers Turn Tables on Investors With Looser Terms: Credit Markets

MGM Resorts International and CommScope Inc. are leading junk-rated companies selling debt with less protection for investors as high-yield bond offerings soar to more than double last year’s weekly pace.

Credit-Default Swaps on J.C. Penney Rise on Concern Over Credit Profile

Credit-default swaps on J.C. Penney Co. jumped to the highest since April 2009 on concern that recent stake purchases by Pershing Square Capital Management LP and Vornado Realty Trust could change the company’s credit profile.

Tronox, Compania Mexicana, Trump, NEC,, Abitibi, Nabors: Bankruptcy

Tronox Inc. ’s dispute with Anadarko Petroleum Corp. and its Kerr-McGee Corp. unit over environmental liabilities will go to trial in December 2011, after the U.S. agreed to meet a Nov. 1 deadline to produce documents for its claims of more than $5 billion.

"If they do an asset sale for a really strong price that improves the credit rating, then those bonds would go up in value."

- Adam Cohen on Feb 21, 2012

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Merkel-Hollande Meeting Yields Greece Growth Signal

Boehner Demands Spending Cuts for Any Debt Limit Increase

Dow Falls to Four-Month Low as Greece Overshadows Economy

Apple Said to Plan Thinner Mac Laptops With Intel Chips

JPMorgan Said to Consider Clawing Back Bonuses After Loss