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December 29, 1986, Vol. 04, No. 25

Bottom fishing near the top

General Electric's decision to throw a half billion dollars into the Wall Street leverage industry would seem to ring another bell. GE, after all, is one of the last triple-A corporate credits on the American scene, and its decision to go slumming in speculative-grade debt suggests a loss of self-confidence.

13 stocks

A new index of stocks in the Drexel Burnham Lambert orbit, created exclusively for Grant's, debuts in this issue. Each of the 13 component companies is a Drexel investment banking client, an investor in Drexel-underwritten securities, or both.

Credit quality: the long view

Credit is a mechanism that makes it possible for economic units to spend out of phase with their income. -- Edgar R. Fiedler, Measures of Credit Risk and Experience (National Bureau of Economic Research, 1971). Spending out of phase with one's income (if any) is absolutely de rigueur nowadays...

Busy, busy, busy

A report on the boom in financial traffic from the December 22 American Banker: The value of payments sent over computerized funds transfer networks has soared past the $1 trillion-a-day mark.

Bullish on business

The J-curve effect is in full play, and the underlying real trade improvement is even more powerful than the monthly reported surface nominal dollar reductions in the U.S. trade imbalance. Yes, Virginia, there is a trade improvement. --Gert von der Linde,

Commodity future prices weaken

Tile Commodity Futures Bureau Price Index continues to tinker with a possible downside breakout, the focus point of our warnings last week. The Index was pressured into another probe of its four-month plateau of support fashioned in the 208 area...

December 15, 1986, Vol. 04, No. 24

Peace and quiet

In the government bond market, the news is the dearth of news. Since last April, when yields stopped falling, long-dated securities have set up light housekeeping. The decline in volatility has attracted no great attention, but it must, if it keeps on going. Wall Street has invested billions in turmoil.

Preferred brouhaha

It may not exactly be the shot heard round the world, but Pennsylvania Power & Light has called some preferred stock for early redemption at a price below the market. GEICO, which owns the issues, has filed suit, the preferred market is roiled and lawyers are preparing to argue the fine issues of contract law.

Euro-crisis recedes (and what was it?)

Just when the term "perpetual floating-rate Euronote" began to seem even halfway intelligible, the crisis in that oddball security dropped from international sight. What happened, what caused it, and why should it matter?


There's no denying the popularity of broadcast, cable and media debt -- Morgan Stanley has sold enough of it to paper a large house -- but what can be denied, sometimes, are the numbers. They don't add up in the manner of one plus one.

Weakest sisters

The malaise in junk has little to do, this time out, with credit. It's the investment bankers who are under a cloud, not the bonds. That may change, of course, and we fully expect it will. Believing that credit will one day reclaim its rightful place at the center of finance, Grant's has undertaken a search for the humblest low-rated debt issuers.

No problem: Just wait till next year

"The worst are those pretentious dinner parties that some of my new junk-bond tycoon friends insist on giving..."

Media, media

"We're doing this stuff too," he added, pointing to the sprawling Morgan Stanley securities-trading room just down the hall. "You ought to see the sort of deals going on in there. Everybody's gonna get carried out when the junk-bond market goes." -- Barton M. Biggs as quoted in The Wall Street Journal, December 5, 1985.

Weird junk

n what may constitute a new indoor record for the corporate high yield market, the Wedtech 14s of 96 slid to a bid price of 28 last week, less than 3-1/2 months out of the gate.

December 1, 1986, Vol. 04, No. 23

One in the eye for junk finance

Bullish on insurers

The Japanese at home

Scoundrel time

Buy now, pay later (and later, and later. . . )

Leverage luster

November 17, 1986, Vol. 04, No. 22

Bid wanted: Television stations

Central banks "print" dollars

Houston antiques sale

Jumping on desks at Salomon Brothers

Grant's gives a debt party

Monetary data percolate

November 3, 1986, Vol. 04, No. 21

Note 1—Summary of general accounting policies: Principal financial statements

October 20, 1986, Vol. 04, No. 20

Scoop on junk bonds

Inflation's "breadth" gains

Fredberg' s hunch

Youngstown bonds

Rally in junk people

Prosperity gets stranger

Defense fund

"Dequity," and other post-J. P. Morgan concepts

British tizzy

October 6, 1986, Vol. 04, No. 19

Disinflation disimproves again

World Bank: read the notes

Utility-stock omen

Animal spirits rally

FSLIC's new trick

The Fed rules ( or does it?)

Banking with Tisch

Money surges, quit so what?

September 22, 1986, Vol. 04, No. 18

Junk government

Bull market in promises

Inflation forecast

Tracks of the crowd (or what they're really buying)

Banks that trade

People preferred

Beware the dollar

Tax receipts rise

September 8, 1986, Vol. 04, No. 17

Reflation catechism

Inflation seers

Long-shot reflation play

Loaves and fishes

Texaco Capital's 11s

Bull-market perspective

Six percent and hope

Lower rates, no more credit

August 11, 1986, Vol. 04, No. 16

Fearless once more


Frontiers of financial design

Credit cycles: the manic phase

Texas foreclosures

Found: a bull on business

"Perfect savings account"

A vote for reflation

July 28, 1986, Vol. 04, No. 15

Disinflation disimproves

Moist palms

Alger's chauffeur

Texas Air preferred

Sage of Tampa

July 14, 1986, Vol. 04, No. 14

A 6% solution?

Topping out

Buy German

Junk offerings climb

What's cheap

Balance sheets slip

June 30, 1986, Vol. 04, No. 13

What the Japanese won't touch

J.P. Morgan, roll over

Trade of the year

Redder ink

So where's the Arctic fund?

Reaching for yield

Saudi Arabia downgraded

June 16, 1986, Vol. 04, No. 12

Shopping at home

Only a billion

Gold standard in fact?

Bond pace prognosis: Up

Tax-exempt values

Italy again

June 2, 1986, Vol. 04, No. 11

"Guess what?"

Leverage index

Junk bank loans

Downgrades: Who cares?

Tehan gets richer

May 19, 1986, Vol. 04, No. 10


Taxing debt

Bears' tax relief

The long view

Deficit flash

Blind pool of the week

Lightening up

Fannie Mae

Pulling a Minstar

May 5, 1986, Vol. 04, No. 09

All for debt, and debt for all

Leveraged thrift

Financial stocks

Unleveraged bank

People Express

Geologic leverage

Castle in the air

More on spreads

Good-bye, euphoria; Hello, hysteria

April 21, 1986, Vol. 04, No. 08

"Six percent," he said.

Yield panic

Domestic CDs: R.I.P.

Down on the farm

Integrated Resources

April 7, 1986, Vol. 04, No. 07

TV forecast

Inflation futures

Capitulation roundup

I. Chemical Bank

II. Bank regulators

III. Italy

Deflation omens

Collection -agency boom

World financial manta

March 24, 1986, Vol. 04, No. 06

Letters to the editor

Full throttle

Reflation: So what?

Bond happy

Really bullish no more

March 10, 1986, Vol. 04, No. 05

The honey pot of yield

Risk spreads widen

Ratings' bear market

Macy's debt sale

Beatrice-brand debt

Fox preferred

Sell 'em (again)

Foreclosure flash

February 24, 1986, Vol. 04, No. 04

"lime, gentlemen!''

P.S. New Hampshire

Hopeful leverage

`junk" stocks lag, too

Oil slicks

Buy commodities?

Can it possibly get any better?

February 10, 1986, Vol. 04, No. 03

How now, Dow Jones?

1936 and 1986

Worried bears

Texas thrift

Junk, as in crummy


Blind pool

The Fed-easy enough?

January 27, 1986, Vol. 04, No. 02

Deal us out

Main chance


Gold: Why?

BIS: the stock (again)

Blue skies?

19%—with a catch

More seconds

"Home equity" in Denver

Flying CHIPS

January 13, 1986, Vol. 04, No. 01

Turn of the Tide?

Really bullish (cont'd)

Without capitulation

Breaking even

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