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U.S. High Yield Default Rate Remains Below 2%; Seadrill Propels Yankee Rate

Posted by Fitch Ratings on Oct 3, 2017 2:31:04 PM

Fitch U.S. High Yield Default Insight (U.S. High Yield Default Rate Remains Below 2%; Seadrill Propels Yankee Rate)

Several U.S. high yield companies have interest payments scheduled for Sept. 15 which, according to Fitch Ratings, if not made would move the default rate above the current 1.8% mark, and includes two large retailers.

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Topics: High Yield

Fitch: US High Yield TTM Default Rate Falls to Lowest Level Since March 2014

Posted by Fitch Ratings on Aug 15, 2017 12:32:19 PM

The U.S. trailing 12-month (TTM) high yield default rate dipped below 2% for the first time since March 2014, according to Fitch Ratings in a new report.

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Topics: High Yield, Loan Default Rate

Fitch U.S. High Yield Default Insight 7/20/2017

Posted by Fitch Ratings on Jul 21, 2017 11:55:29 AM

July HY TTM Default Rate Dips Below 2%; Energy Rate Lowest Since August 2015

July Default Rate Below 2%: The July U.S. TTM high yield default rate stands at 1.9%, down from 2.2% at June 30. This represents the seventh straight month the rate will have fallen and marks the lowest level since March 2014. Chinos Intermediate Holdings’ (J. Crew Group Inc.) distressed debt exchange (DDE) and Armstrong Energy Inc.’s missed payment were the two July defaults registering $766 million. The month’s total is well below the $4.7 billion rolling off the TTM universe.

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Topics: High Yield, energy

Sears Future in Hot Water

Posted by Nick Buenaventura on Mar 22, 2017 10:48:24 AM

Sears Holdings (NYSE: SHLD) announced its concerns on Tuesday about its ability to stay afloat after years of losses and declining sales. The U.S. retail giant has failed to turn an annual profit since 2011. At the end of its fiscal year in January, the company had said that it was hoping to reduce its costs by $1 billion and cut its debt and pension obligations by at least $1.5 billion. It currently has liabilities totalling around $13.19 billion. In efforts to boost its liquidity, Sears said that it has taken action to sell its Craftsman tool brand for $900 million  to Stanley Black & Decker Inc (NYSE: SWK).

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Topics: High Yield, Loans, retail

European Bond Research as of February 14, 2017

Posted by Michael F. Brown on Feb 14, 2017 4:04:39 PM

EUROPEAN HIGH-YIELD BONDS RETAINED FAVOR - although a narrow one, over a range of investment-grade securities. Disappointing GDP numbers for Germany and the overall euro-bloc weighed upon 'risk-on' trades, as did views of increased French political risk ahead of an upcoming presidential election. Nonetheless, a residual bullish tone after yesterday's resurgence in risk-taking in Europe and 'across the pond' in the U.S. was in play, on the heels of fresh record highs in Dow, S&P 500, and Nasdaq.

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Topics: High Yield, Investment Grade, debt


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