Kingman Penniman News
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Morgan Stanley, JPMorgan Chase & Co. and Bank of America Corp. are recommending junk bonds as Europe’s sovereign-debt crisis flares and concern mounts over the strength of the U.S. recovery.
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A benchmark gauge of U.S. company credit risk rose as manufacturing shrank in Europe and China and as Dutch Prime Minister Mark Rutte offered to resign.
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Spectrum Brands Inc. , the maker of batteries, pet food, and lawn-care products, is marketing debt as companies involved in acquisitions test a market where issuance has fallen to the lowest in more than a year.
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TransDigm Group Inc. , the aircraft- components manufacturer that’s buying rival supplier McKechnie Aerospace Holdings Inc., is marketing debt as issuance of the lowest-rated junk bonds surges.
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OnCure Holdings Inc., a manager of radiation oncology treatment centers for cancer patients, is marketing $210 million of notes as analysts boost forecasts on 2010 returns for high-yield, high-risk corporate debt.
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Put Bill Gross , manager of the world’s biggest bond fund, and ex-Morgan Stanley President Zoe Cruz in the camp that sees investor demand for low-rated corporate debt even as super-safe U.S. Treasuries rally on concerns that the economy is slowing down.
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Companies sold $33.7 billion of junk bonds in April, a record for the month, with borrowers rushing to issue before investors pull back from the riskiest securities.
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Leveraged loan sales are approaching a three-year high, enabling companies to slash borrowing costs, as yields relative to junk bonds reach the narrowest in 10 months.
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The cost of protecting against defaults on senior notes of European banks is soaring on speculation bondholders will be forced to take losses as governments try to share the burden of taxpayer-funded bailouts.
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Leon Black’s Apollo Global Management LLC is dominating the junk bond market this month with more than $4 billion of sales, taking advantage of a record rally to refinance maturing debt and pay for new takeovers.
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