Shelley Smith News
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Sales of high-yield corporate bonds in Europe dropped this week to the lowest in more than a month as the cost of insuring the debt rose and the euro-area recession extended to a record sixth quarter.
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Investors seeking higher yields are buying structured notes tied for the first time to the debt of emerging-market nations from the Bahamas to Lithuania and Honduras.
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European corporates are likely to hoard cash and reduce debt in coming years, holding back economic growth as they seek to preserve financial flexibility, according to Standard & Poor’s.
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Telecom Italia SpA, Italy’s biggest phone company, is offering to buy back as much as $750 million of bonds issued by its finance unit, Telecom Italia Capital SA.
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Goldentree Asset Management LP, the U.S. hedge fund founded by Steven Tananbaum, plans to raise a collateralized loan obligation in Europe of about 252.5 million euros ($325 million), according to three people with knowledge of the matter.
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JPMorgan Asset Management, the money management unit of the biggest U.S. bank by assets, said it’s starting the U.K.’s first investment trust dedicated to global convertible bonds.
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British Airways owner International Consolidated Airlines Group SA said it raised 390 million euros ($507 million) in convertible bonds to fund the takeover of Spanish discount carrier Vueling SA.
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DirecTV, the largest U.S. satellite- television provider, and Ford Motor Co. are issuing euro- denominated bonds as the yield discount to U.S. dollar notes increased to the biggest in nearly three years.
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Hutchison Whampoa Ltd. led corporate bond sales in Europe this week as borrowing costs fell to a record and the cost of insuring company debt reached a three- year low.
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Co-Operative Bank Plc, which traces its roots to Britain’s 19th-century industrial north, saw its subordinated debt plunge after a downgrade to junk triggered speculation junior bondholders may be forced to take losses.
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