U.S. High Yield Default Insight
The U.S. high yield par default rate continues to track closely to the 2012 year-end rate of 1.9%, At the end of February, it slipped modestly to 1.8% (mostly due to the market's larger size), and we project a similar level for the first quarter. March has added filings from gaming operator Revel AC, Inc. and phone directory publisher, Dex Media, and two missed interest payments from oil and gas company GMX Resources and healthcare concern Rotech. These add an estimated $1.5 billion to the year's default tally of $2.8 billion through February. An update of default, recovery rates and other metrics can be found by clicking on the report link below.
Fitch Ratings
Wednesday, March 27, 2013
Natural Gas Prices on the Rise, Challenging 'Cheap' Label
Natural Gas Prices on the Rise, Challenging 'Cheap' Label
Published: Wednesday, 27 Mar 2013 | 11:27 AM ET
By: Javier E. David, Giovanny Moreano
Those "cheap" natural gas prices everyone keeps talking about? They may not stay that way much longer.
http://www.cnbc.com/id/100597089
Published: Wednesday, 27 Mar 2013 | 11:27 AM ET
By: Javier E. David, Giovanny Moreano
Those "cheap" natural gas prices everyone keeps talking about? They may not stay that way much longer.
http://www.cnbc.com/id/100597089
Chile – FinMin Larrain proposes new cut on stamp duty.
Chile – FinMin Larrain proposes new cut on stamp duty.
Finance Minister Felipe Larrain announced yesterday that the government is currently weighting a new cut on the stamp duty (tax on loans). The FinMin said that the plan looks to cut the rate to 0.2% from 0.4%, the third reduction during Pinera’s administration (it was 1.2% when he entered office). This is done in an effort to reduce tax evasion. He expects the tax proposal to be approved in the next couple of months.
Separately, Larrain mentioned that the government is always concerned about the appreciation of the peso, and it is responding to the currency’s strength the best it can.
Finance Minister Felipe Larrain announced yesterday that the government is currently weighting a new cut on the stamp duty (tax on loans). The FinMin said that the plan looks to cut the rate to 0.2% from 0.4%, the third reduction during Pinera’s administration (it was 1.2% when he entered office). This is done in an effort to reduce tax evasion. He expects the tax proposal to be approved in the next couple of months.
Separately, Larrain mentioned that the government is always concerned about the appreciation of the peso, and it is responding to the currency’s strength the best it can.
Tuesday, March 26, 2013
Houston Makes Top 5 as Boom Lures Foreigners: Real Estate
Houston Makes Top 5 as Boom Lures Foreigners: Real Estate
By Dan Levy - Mar 26, 2013
International real estate investors are falling in love with Houston, a fast-expanding energy hub that’s luring buyers from Toronto to Tel Aviv seeking properties with lower costs and higher returns than buildings in the priciest U.S. cities.
Firms from outside the U.S. acquired $2.83 billion of Houston (OFCRAHOU) office buildings in the past three years, according to Real Capital Analytics Inc. They were the largest net buyers of any investor class, spending four times more than U.S. real estate investment trusts, which ranked second. Last year, Houston for the first time was among the top five global cities in an annual survey by the Association of Foreign Investors in Real Estate that dates back to 1994.
http://www.bloomberg.com/news/2013-03-26/houston-makes-top-5-as-boom-lures-foreigners-real-estate.html
By Dan Levy - Mar 26, 2013
International real estate investors are falling in love with Houston, a fast-expanding energy hub that’s luring buyers from Toronto to Tel Aviv seeking properties with lower costs and higher returns than buildings in the priciest U.S. cities.
Firms from outside the U.S. acquired $2.83 billion of Houston (OFCRAHOU) office buildings in the past three years, according to Real Capital Analytics Inc. They were the largest net buyers of any investor class, spending four times more than U.S. real estate investment trusts, which ranked second. Last year, Houston for the first time was among the top five global cities in an annual survey by the Association of Foreign Investors in Real Estate that dates back to 1994.
http://www.bloomberg.com/news/2013-03-26/houston-makes-top-5-as-boom-lures-foreigners-real-estate.html
Central of Bank Turkey: Surprise cut on the ceiling rate
Central of Bank Turkey: Surprise cut on the ceiling rate
The CBRT kept its policy rate and the lower-end of the interest rate corridor unchanged at 5.50% and 4.50% respectively, but unexpectedly cut the ceiling rate by 100bps. Accordingly, o/n lending rate to primary dealers was reduced to 7.00% (the rest of the market to 7.50%). In addition, reserve option coefficients were raised by 0.1 points for the upper tranches, which would increase gross reserves by USD 0.9bn.
The CBRT kept its policy rate and the lower-end of the interest rate corridor unchanged at 5.50% and 4.50% respectively, but unexpectedly cut the ceiling rate by 100bps. Accordingly, o/n lending rate to primary dealers was reduced to 7.00% (the rest of the market to 7.50%). In addition, reserve option coefficients were raised by 0.1 points for the upper tranches, which would increase gross reserves by USD 0.9bn.
Monday, March 25, 2013
Pro: Trading the Natural Gas Rally
Pro: Trading the Natural Gas Rally
Published: Monday, 25 Mar 2013 | 10:42 AM ET
It's the rally you probably haven't heard about.
The price of natural gas has spiked to its highest level since 2011, advancing 17 percent year-to-date, as supplies declined for 14 consecutive weeks.
http://www.cnbc.com/id/100588163
Published: Monday, 25 Mar 2013 | 10:42 AM ET
It's the rally you probably haven't heard about.
The price of natural gas has spiked to its highest level since 2011, advancing 17 percent year-to-date, as supplies declined for 14 consecutive weeks.
http://www.cnbc.com/id/100588163
Energy Boom Ripples Through US Economy
Energy Boom Ripples Through US Economy
Published: Monday, 25 Mar 2013 | 10:15 AM ET
By: John W. Schoen, NBC News
The boom in new oil and natural gas flowing through U.S. pipelines is beginning to ripple through the wider American economy.
http://www.cnbc.com/id/100587821
Published: Monday, 25 Mar 2013 | 10:15 AM ET
By: John W. Schoen, NBC News
The boom in new oil and natural gas flowing through U.S. pipelines is beginning to ripple through the wider American economy.
http://www.cnbc.com/id/100587821
Saturday, March 23, 2013
SG Commodities Review: Copper
SG Commodities Review: Copper
Robin Bhar
2013.03.20
■ Copper prices have lost their anchor at $8,000/t. Reasons for the sharp fall include weak physical demand, soaring exchange stocks of copper, disappointing data from China, and lack of Chinese buying after the Lunar New Year holidays concluded in mid-February.
Robin Bhar
2013.03.20
■ Copper prices have lost their anchor at $8,000/t. Reasons for the sharp fall include weak physical demand, soaring exchange stocks of copper, disappointing data from China, and lack of Chinese buying after the Lunar New Year holidays concluded in mid-February.
Bakken Emerges as Contender for US Oil Drilling Crown
Bakken Emerges as Contender for US Oil Drilling Crown
Published: Saturday, 23 Mar 2013 | 12:00 AM ET
By: Javier E. David
Special to CNBC.com
In the resurgence of US energy production, one spillover effect has been to put relatively obscure places on the map. One of those is Bakken, an oil hub that some believe could challenge the Gulf Coast's prodigious crude output.
http://www.cnbc.com/id/100579131
Published: Saturday, 23 Mar 2013 | 12:00 AM ET
By: Javier E. David
Special to CNBC.com
In the resurgence of US energy production, one spillover effect has been to put relatively obscure places on the map. One of those is Bakken, an oil hub that some believe could challenge the Gulf Coast's prodigious crude output.
http://www.cnbc.com/id/100579131
Subscribe to:
Posts (Atom)