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His premise threatens the rich spreads that investment banks have come to expect from new issues.
The latter statistics, toting the annual capital raised from new issues with offer prices of $5 or more and gross proceeds of at least $5 million, include both leveraged buyouts being unwound (like Fort Howard and American Standard) and companies making a first trip to the public equity markets (like Google and United Parcel Service).
John Lydon hoped to cash in on the gullibility of people who structure their rock history from new issues of Rolling Stone by reuniting The Sex Pistols, then got bored with that and reassembled his slightly less lucrative PiL, in between filming new butter commercials.
A graduate of Dartmouth College, Harvard Law School, and the Iowa Writers' Workshop, Seth Abramson is the author of two collections of poetry, Northerners (Western Michigan University Press, 2011), winner of the 2010 Green Rose Prize from New Issues Poetry & Prose, and The Suburban Ecstasies Ghost Road Presss, 2009).
A graduate of Harvard Law School and the Iowa Writers' Workshop, Seth Abramson is the author of three collections of poetry, most recently Thievery (University of Akron Press, 2013), winner of the 2012 Akron Poetry Prize, and Northerners (Western Michigan University Press, 2011), winner of the 2010 Green Rose Prize from New Issues Poetry & Prose.
A graduate of Dartmouth College, Harvard Law School, and the Iowa Writers' Workshop, Seth Abramson is the author of three collections of poetry, including Thievery (University of Akron Press, forthcoming 2013), winner of the 2012 Akron Poetry Prize, and Northerners (Western Michigan University Press, 2011), winner of the 2010 Green Rose Prize from New Issues Poetry & Prose.
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"You're finding a fair bit of demand for new issues coming from domestic institutions and that's the single biggest differentiator".
But the virtuous circle may turn vicious.Investors may balk at the potential losses from CDOs; new issues are starting to dry up.
They're less than 10% of outstanding bonds, and Congress has removed the AMT from all new issues.
As a deal was cut, prices recovered to 70 cents, and Dynegy bought them all back with proceeds from its new issues: $2 billion in senior secured, paying 9.5%, and convertible bonds that didn't mature until 2010 and later enough time to return the company to profitability.
They are concerned that a race careering along at this pace does not give candidates time to listen and learn from voters, explore new issues and evolve.
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