Buybacks, Tenders and Exchanges – A Distortion of the Default Rate

Buybacks, Tenders and Exchanges – A Distortion of the Default Rate

In the world of corporate bonds, the yield spread over the sovereign benchmark reflects the liquidity premium and, more importantly, investors’ compensation for default risk. Accurate measurement of default risk is critical in determining the required risk premium on bonds. But the official default rate, which is measured and published by rating agencies, can be subject to distortions because certain capital losses, corporate buybacks, tenders and exchanges may not be accurately represented in the default rate calculations. In a macroeconomic environment likely to be characterized by greater performance differentiation among credit markets, sectors and issuers, paying closer attention to these potential distortions will prove invaluable to the credit selection process. ...

Office letting market in Frankfurt 1st quarter 2010 in comparison to last nine years: Worst result after 2004

2010-04-12

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Germany | Property Markets, Commercial property: Office, estate agent
Office letting market in Frankfurt 1st quarter 2010 in comparison to last nine years: Worst result after 2004

Hessen: The total letting performance in Frankfurt in the 1st quarter 2010 is approx. 54,906 sqm office space. With this the office market has achieved its second-worst result since 2002: During the past nine years even less office space, 36,500 sqm, was transacted in the 1st quarter 2004.

http://www.immopro24.com/press-releases/office-letting-market-in-frankfurt-1st-quarter-2010-in-comparison-to-last-nine-years-worst-result-after-2004_20838.html

Economy, Ben Bernanke

To avoid large and unsustainable budget deficits, the nation will ultimately have to choose among higher taxes, modifications to entitlement programs such as Social Security and Medicare, less spending on everything else from education to defense, or some combination of the above.

- Ben Bernanke, Speech given on Apr. 7, 2010 to the Dallas Regional Chamber of Commerce, "Economic Challenges: Past, Present and Future"

Melbourne Water moving to Docklands

Melbourne Water moving to Docklands
01 Apr 2010

Melbourne Water has committed to locate its new 12,100m² head office facility at 990 LaTrobe St, in the south east corner of Digital Harbour above the link road access to Etihad Stadium.

http://www.docklandsnews.com.au/editions/article/melbourne-water-moving-to-docklands_5228/