Take It For What Its Worth

Home Depot bonds continue steadily to get crushed, although it would seem odd that you’d hire a new CEO so he can negotiate with an exclusive equity buyer. I don’t own the name so I’m not pursuing it too closely, but what seems much more likely is an intense leveraging up. Yesterday I heard Target might be a ahem, focus on.

Dunno if that was natural rumor or not. The CDS moved 4bps wider, which doesn’t appear like much, but it’s from 7/10 to 11/14. Take it for what its value. The story is similar with Federated Department Stores. A buyout of Federated has been out there before. Today Looks like cash bonds are about 3 wider and CDS about 8 wider.

Cash bonds in Alltel appear to be stabilizing, but the credit curve is steeper. Prior to the LBO story, the ‘ 12’s were 155/145 and the ‘ 32’s were 270/260. Now the 12’s are quoted 150/145 and the ’32’s are 295/285. The ’32’s are about 5-10bps much better than 2 days back. CDS are getting completely demolished in comparison. On 12/28, 5yr AT CDS were 70/73, now 117/120. So I riddle the readers this: why will be the ’12’s, which are 5-year bonds basically, unchanged while the CDS are receiving hammered?

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  • Mortgage – calculate both primary and interest into the equation
  • Had a decrease in your income
  • Interest rate for PPF is not fixed and at the mercy of change every quarter from FY 2016 – 2017
  • Financial support in relation to home equity or retirement savings

Normally you’d assume it is due to covenants, and Alltel has a non-subordination covenant. This means that the ongoing company cannot take on new secured personal debt without also protecting existing debts. Is someone making a play that Alltel shall tender their existing bonds in the event of a buyout? If so, why haven’t the ‘ 32’s and ‘ 16’s performed better? Both are about 25bps wider. One clothing wired as the next takeover, some say, is Alltel, just a little Rock service provider of Telecom services, in small cities and rural markets mainly. Tavis McCourt of investment firm Morgan Keegan.

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