Tuesday, 21 October 2014
Last updated 27 min ago
Sep 27 2011 | 12:43pm ET
Fortress Investment Group's subprime lender, facing billions in maturing bonds, isn't winning any votes of confidence in the bond market.
Investors are selling off Springleaf Finance Corp.'s long-term debt, the Financial Industry Regulatory Authority's bond-price reporting system shows. And that may undermine its plans to save itself.
Evansville, Ind.-based Springleaf, which Fortress bought a majority stake in last year, had mulled setting up a real-estate investment trust to buy some of its assets. That would help the company pay off the $756 million in its debt that matures this year and the $2.04 billion that matures next year, Bloomberg News reports.
Springleaf filed to launch a REIT in May, but has since shelved those plans.
If that avenue is foreclosed by Springleaf's plummeting bond prices, the company may have to securitize some loans to pay off its maturing debt.
Rating agencies aren't helping, with Fitch Ratings cutting its unsecured debt rating earlier this month.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
Most traders agree that proper risk management is the key to successful trading. However, many traders depend on the deeply flawed measure of standard deviation as a benchmark of risk. Here we put it ...