an individual or institution owning bonds issued by a government or company. Bondholders are entitled to payments of the interest as due and the return...
This paper argues that emerging economies borrow short term due to the high-risk premium charged by international capital markets on long-term debt. The paper presents a model where the debt maturity structure is the outcome of a risk-sharing problem between the government and bondholders. By issuing long-term debt, the government...
The economic magnitude and the significance of Mergers and Acquisitions activity have raised doubts over the authenticity of mergers. The paper explores the wealth effects experienced by target and acquirer bondholders. However, it has been observed that the wealth effects experienced by the bondholders are minimal and incomplete. The paper...
The dollar volume of outstanding convertible debt securities has grown more than 50% per year over the past five years, driven in part by issuers in search of cheap debt financing and in part by investors in search of the upside potential of a stock with the security of a...
This paper studies the impact of leveraged buyouts on pre-buyout bondholders' wealth. The paper analyses the bondholders' excess returns over a period 12 months prior to and 12 months after the effective date of the leveraged buyouts. The results indicate that bondholders experience significant increase in yields prices drop four...
This paper examines two qualitative rules of thumb, frequently invoked in discussions of bank regulatory policy. The first, that equity holders prefer more risk to less, derives from a result in option pricing theory, that an option’s value increases monotonically with the riskiness of the underlying asset. This result is...
Results in Further Reduction of Adjusted Principal Amount ENGLEWOOD, Colo., July 15 /PRNewswire-FirstCall/ -- Liberty Media Corporation ("Liberty") announced a semi-annual payment to the holders of its 3.5% Senior Exchangeable Debentures due in 2031 (the "Debentures"). The amount of the payment is $17.50 per $1,000 of...
NEW YORK -- Fitch Ratings has assigned an 'AA' rating to New York City Municipal Water Finance Authority's NYW approximately $333 million water and sewer system second general resolution revenue bonds, fiscal 2009 series AA. The proceeds will be used to refund outstanding parity bonds originally issued in an auction...
AUSTIN, Texas -- Fitch Ratings assigns an 'A+' rating to Monterey County Financing Authority, California the authority $33.3 million revenue bonds, series A Salinas Valley Water Project issued on behalf of the Monterey County Water Resources Agency, California the agency. The bonds are scheduled to sell the week of July...
Nervous holders of Skyepharma shares sold the stock in droves yesterday after the drugs group said that initial negotiations over the restructuring of two convertible bonds had collapsed. The stock was down 32 per cent on the day, to just 3.73p, after the company, which believes it...
It's game time in San Diego, as a prominentgroup of lending, legal and real estate industry experts warm up for theannual Trigild Lender Conference, "Handling Curves in the Lender Ballpark,"October 22-24, 2008. Held at downtown San Diego's Omni Hotel -- adjacent to Petco Ballpark --the event is designed for all...
NEW YORK -- Effective July 11, 2008, Fitch will assign a rating of 'AAApre' to the $106,950,000 City of San Antonio, Texas hotel occupancy tax subordinate lien revenue and refunding bonds, series 2004B. The bonds will be refunded on July 11, 2008 with funds from the City of San Antonio,...
SkyePharma - Update on Convertible Bonds and Current TradingLONDON, UK, 8 July, 2008 - SkyePharma PLC (LSE: SKP) today provides anupdate on progress with the convertible bonds and current trading.Progress with convertible bond refinancing/renegotiationIn its Q1 Interim Management Statement of 19 May 2008, the Companyannounced that detailed work was being...
NEW YORK -- Realty Income Corporation's (NYSE: O) highly diversified, unencumbered portfolio of freestanding retail assets and the company's solid liquidity position provide ample downside protection to unsecured bondholders and preferred stockholders, according to the latest Credit Analysis report by Fitch Ratings. Fitch affirmed Realty Income with a...
CHICAGO -- Fitch Ratings has placed the underlying 'BBB-' ratings on SynergyHealth, Inc.'s Synergy approximately $70.1 million of bonds issued through the Wisconsin Health and Educational Facilities Authority on Rating Watch Positive following Synergy's signing of an affiliation agreement with Froedtert & Community Health, Inc. (Froedtert, currently rated 'AA-' by...
Clears Path for Tropicana Entertainment Restructuring; Bill Yung Lauded for His Statesmanlike Conduct CRESTVIEW HILLS, Ky. -- The key parties in Tropicana Entertainment, LLC's Delaware Bankruptcy today reached a resolution of a request for the appointment of a trustee brought by a consortium of bondholders. One...
NEW YORK -- Fitch Rating assigns a rating of 'AAApre' to the $96,245,000 State of Connecticut special obligation rate reduction bonds (2004 Series A). The bonds were refunded on June 5, 2008 with funds of the State. All refunded bonds are escrowed to maturity. The Escrow Agent, U.S....
NEW YORK -- Fitch Ratings has affirmed the Issuer Default Rating IDR and outstanding credit ratings of Realty Income Corporation (NYSE:O) as follows: --IDR at 'BBB+'; --$1.5 billion of senior unsecured notes at 'BBB+'; --$355 million unsecured revolving credit facility at 'BBB+'; ...
OTTAWA AFP — Canada's Supreme Court on Friday approved a pension fund's acquisition of telecom giant BCE for 51.7 billion dollars, allowing the largest leveraged takeover in the world to proceed. In doing so, the high court dismissed BCE Bell Canada bondholders' claims the deal is unfair to...
NEW YORK -- Fitch Ratings has assigned a 'CC' rating to approximately $79.5 million of bonds listed below issued by Valley Health System, California VHS. Fitch's 'CC' rating indicates that payment default to bondholders appears probable. Although payments to bondholders are current, the rating reflects VHS' board filing...
BURLINGTON, Mass., June 19 /PRNewswire/ -- InterGen announced today that it has scheduled a conference call with bondholders and analysts for Thursday June 26, 2008 at 11:00 a.m. EDT to report operating and financial results for fiscal 2008 first quarter ended March 31, 2008. The call is...
Articles 2008-06-19
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