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Opinions and views from expert CFOZone members.

Tag >> default
Apr 16

Default rate way down this year

Posted by Stephen Taub in Standard & Poor'sRiskdefault ratedefaultDealsCash

Stephen Taub

In the past week alone, two companies completed distressed exchange offers--US-based Liz Claiborne and Canada-based Cinram International.

This brings the total number of corporate defaults so far this year to six, including four based in the US, according to Standard & Poor's.

Mar 21

Moody’s encourages Limited to borrow

Posted by Stephen Taub in Moody's Investors Servicedefault ratedefaultdebt-rating agenciesDealscredit-rating agenciesCredit RatingsCash

Stephen Taub

Limited Brands said it will sell $750 million in 10-year notes. The company said it intends to use the proceeds to repurchase $500 million of stock under a new share repurchase program and for general corporate purposes.

The move seemed to surprise some commentators. But investors applauded the move, bidding up the stock by more than 1 percent when it began trading Tuesday morning.

Nov 11

Serial corporate defaulters

Posted by Stephen Taub in Standard & Poor'sRiskdefault ratedefaultCash

Stephen Taub

What are the chances that a company that has defaulted on its debt defaults for a second time?

Not very high.

Oct 19

Credit quality continues to improve

Posted by Stephen Taub in Standard & Poor'sRisknet charge-off ratiodelinquenciesdefault ratedefaultCreditCashCapital

Stephen Taub

Here is further proof the economy in general is improving.

Despite stubbornly high unemployment, Standard & Poor's reported a decline in monthly default rates for all credit lines.

Aug 18

Keynes' biographer skewers deficit hawks

Posted by Ron F in recoveryrecessionObama Administrationgovernment financeglobal economyFederal ReserveFedeconomy, ECB, demanddefaultcareer/management

Ron F

This piece published today by Project Syndicate is as insightful a critique as I've seen of the consensus that has emerged among policymakers that government deficits must be cut to restore economic growth.

Not that we haven't taken a stab at that ourselves.

Jul 01

Companies sitting on still more cash

Posted by Ron F in TaxTARPrecoveryrecessioneconomydemanddefaultconsumer spendingCongress, cash management, cash concernsCashCarmen ReinhartCareers/Managementcapital expenditurescapexBanks

Ron F

A survey released today by the Association of Financial Professionals will do nothing to dampen the austerity versus stimulus debate.

To wit: Forty-three percent of US corporations had larger US cash and short-term investment holdings this May than they did six months earlier. Only 24 percent of respondents reported that their short-term holdings had shrunk during the past six months.

Jun 22

Fitch: Junk default rate below 1 percent

Posted by Stephen Taub in Risk, junk bonds, high yield bondsFitchdefault ratedefaultDeals

Stephen Taub

So much for those dire forecasts calling for massive defaults of junk bonds.

Fitch Ratings says the pace of high yield defaults has slowed so dramatically in 2010 they have even defied the most optimistic forecasts.

May 07

What's the problem with the ECB?

Posted by Ron F in inflationFederal ReserveEuropean UnioneuropeEuro areaeconomydemanddefaultdebtBanking

Ron F

I really don't understand what the Times means when it says the European Central Bank lacks certain powers that the Federal Reserve has.

Yes, the ECB lacks the Fed's dual mandate: The ECB's mission is price stability alone, not that plus full employment. Nor does it have access to a government treasury. But what practical effect does any of this have? None that I can see.

May 06

It's not Greek to us any more

Posted by Ron F in Timothy GeithnerGeithnerfinancial crisisEuropean UnioneuropeEuro areaeconomydemanddefaultcareer/managementbondsBanksbanking reformbailouts

Ron F

The violent backlash against the rescue plan that Europe has come up with for Greece should be a warning sign for those who think the bond market should rule public policy.

Yes, Greece must get its act together in terms of the black market and corruption, and tighten its belt on public finances. It simply has no other choice. But austerity isn't going to help the country repay its debt, not when the global economy continues to suffer from weak demand.

Mar 30

Mistaking a recovery for a default?

Posted by Ron F in RiskrecoveryrecessionGreenspanfinancingfinancial crisisFederal Reserveeconomydefaultcareer/managementbudget

Ron F

What does the recent "spike" in bond yields really mean? To listen to folks like Greenspan or Robert Samuelson, it means investors are worried about US creditworthiness.

And while I've gone on about this twice the past few days, here's a more useful reality check, courtesy of James Hamilton, a professor of finance at the University of California at San Diego who the Fed actually pays some attention to.

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