Jeffrey Rosenberg



LBO risk has increased recently, exemplified by talk surrounding JCPenney. Is this riskier atmosphere a trend and, if so, what does it mean for credit investors?

The risk of LBO activity in the high-grade market has been increasing for some time due to the following factors: rising cashflows on corporate balance sheets; the low cost and ample availability of financing in the high-yield bank and bond markets; stagnant or undervalued share prices in an environment of increasingly

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