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Under The Radar News - Thursday
Posted on May 15, 2008
Credit markets appear to be thawing. Deals like Cablevision's (CVS) $650M acquisition of Newsday (thanks to a loan arranged by Bank of America (BAC)) and HP's (HPQ) proposed buyout of EDS (EDS) $13.25B, mostly with debt, suggest the worst may be over. DirecTV (DTV) raised $2.5B from junk bond sales, and will use the cash to repurchase shares. The pipeline of unsold leveraged loans has shrunk to about $100B from more than $300B, while the spread between junk bonds and Treasurys has narrowed by nearly two percentage points to 6.8%. A handful of firms recently issued junk bonds with rates below...
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