CIBC World Markets, a unit of Canadian Imperial Bank of Commerce (CIBC) (NYSE: CM) (TSX: CM), has appointed Craig Wilson as head of North American high-yield debt
Moreover, high-yield debt
has outperformed investment-grade debt, and tighter monetary policy does not seem an immediate prospect, which should help the asset class.
And before long, new high-yield debt
issuances had fallen from a high of $130 billion at their peak in 1998 to just $60 billion as recently as 2002.
Sales of high-yield debt
increased significantly this year because of low interest rates and rising inflation.
This month's column summarizes three SOPs on investment company accounting for high-yield debt
securities; income, capital gain and return of capital distributions; and foreign currency and another SOP that rescinds Accounting Principles Board statements.
issuers, including initial public offerings, convertible offerings and high-yield debt
financings, as well as leveraged finance transactions and advisory assignments, in a range of industries for financial institutions and companies in New York and London, such as The AES Corporation, Bank of America, Burger King, Credit Suisse, DaimlerChrysler, Greenhill & Co.
This action eliminates the expensive high-yield debt
issued in 2002, reduces our net interest expense dramatically and contributes to our ongoing efforts to strengthen our financial position.
This action completes the retirement of expensive high-yield debt
issued in 2004," said Karen R.
Blumenstein, a leading corporate finance and high-yield debt
lawyer, has joined the firm as a partner.
He has recently advised on the initial public offering (the largest in 2004) and follow-on debt and equity offerings by Genworth Financial; the initial public offering by Submarino; a high-yield debt
offering by Cosan; convertible preferred and high-yield debt
offerings by Celanese; and debt and/or equity offerings by Bunge, Cinergy, Home Depot and McMoRan.
The fund invests primarily in collateralized debt obligations (CDOs) backed by high-yield debt
, bank loans, and emerging market bonds.