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Junk Bond
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Junk bond and U.S. Treasury yields are widening, acting as a canary in the credit risk coal mine. From July 31 to Aug. 25, the spread, or difference, between the Bank of America High Yield Master II Index and the comparable U.S. Treasury rate widened from 5.58 percent to 7.43 percent.
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The 1-800-Got-Junk office at the intersection of Williston Road and Industrial Avenue reflects that mission. Nearly all of its contents - including a desk, a bookcase and a sofa - came from customers. Even the office's flat-screen computer monitor was "pre-owned." "We cleaned out the Homeland Security office in St. Albans," [Aaron Fastman] recalls, "and we got 10 of these flat-screen monitors. Why the rapid growth? "We're such a nation of consumers," Fastman theorizes. "We've come to a point where we've consumed so much, now we're looking around and we're saying, 'We have too much.' And I think that no one has really tapped into that market, and given people a solution to that problem." Hopkins was relieved that the junk guys weren't judgmental about all the stuff she'd amassed. "They'...
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Companies that can't measure results will continue to view training as an expense. To feel comfortable allocating money to training, and therefore viewing it as a prudent investment, new knowledge has to transfer into action, and even then it has to compute into measurable bottom-line results. An employee may be a great book study and may enjoy attending seminars, but if she isn't willing or doesn't know how to put her new skills into action, everyone suffers and the training appears to be a questionable investment. * The Daily Dose: E-mailing employees a "daily dose" of information is an efficient and effective way to spoon-feed employees smaller bits of information. For example: "Prepare for each call before you make it." "Did you know that call recipients can actually hear you smile?...
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We present new evidence from a natural experiment to show circumstances in which ownership restrictions can enhance value. Our evidence is based on multiple restricted bond issues by an emerging market issuer at 150 basis points lower than comparable bonds, resulting in a billion dollars saving. This is intriguing: how can an emerging market issuer with junk bond ratings obtain such low yields? We argue ownership restrictions enhance value since they enable an issuer to precommit to renegotiate efficiently with a favored clientele in the potential default states, thereby circumventing deadweight costs of prolonged negotiations, particularly when the restricted clientele also values the underlying collateral higher than other investors. Ownership restrictions can also result in a transfe...
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The company trying to take over Pittsburgh's casino received junk bond status Wednesday from the credit rating agency Standard & Poor's, which tags the project as a high-risk investment. The agency, however, praised the company, led by Chicago developer Neil Bluhm, for increasing its investment in the North Shore casino project by $50 million, to $170 million. Part of the reason for the B credit rating is that the project is still in its construction phase, according to the agency.
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GM would not answer questions regarding whether S&P's rating would directly or indirectly affect employees or any of the company's other operations in the city. But in an issued statement, GM spokesman Jerome Dubrowski said the action taken by S&P last week is not expected to have any effect on GM's determination to improve profitability in its core automotive unit, particularly in North America. GM and GMAC have adequate cash and liquidity to fund their businesses for the foreseeable future," Dubrowski said. "As of March 31, 2005, GM had approximately $19.8 billion in cash and readily available assets on hand and GMAC had $18.5 billion in cash and short-term securities on hand. This is adequate for GM and GMAC to operate their businesses and execute their business plans. "The...
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SPRINGFIELD -- The Wittenberg University and Springfield communities were surprised May 27 when Wittenberg President Mark Erickson -- praised for having advanced town-gown relations -- announced he would leave after this school year. Few took notice, however, of the June 24 news that Moody's Investors Service had dropped Wittenberg's bond rating two notches to the Baa2 or "junk bond" level.
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Banks are shaky. Bonds are suffering cuts in their credit ratings. Even bond insurers are hurting. Next up for a downgrade: people. As the economy sputters and the housing market slumps, folks are struggling to pay their bills, and growing numbers are seeing their credit scores tumble. The result: Among Americans with credit histories, maybe a fifth are now akin to walking junk bonds, with lenders viewing them suspiciously and offering them credit only at steep rates.
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The decrease in the commercial banks' share of total financial institutions assets and share of corporate debts raises the question on the necessity of operating these banks. The emergence of junk bond markets and mutual funds also contributes to the gradual decline in the commercial banks' usefulness. Although these banks are still viable, they must continue to provide innovative financial services and products since they are still the main sources of liquid and credit funds.
