Cross-Market Commentary: One Year Later: A Bounce For Some Bear Debt Mar 09
Standard & Poors, March 2009
Abstract
With the first anniversary of the sale of the Bear Stearns Cos. to JPMorgan Chase & Co. upon us, we decided to take a look at the relative performance of various issuances made by various investment banks to see what effect that industry-altering development has had on credit markets. We looked at five-year maturities issued by financial services firms that were selling at a discount at the time of this purchase using Standard & Poor's Capital IQ platform's fixed-income screening capability. We did not screen for comparable rating credits or coupons. Similarly, we made no allowance for an issue's seniority or deal size. We determined the performance of these issues since last March and their latest price (see table). Among...
Companies mentioned in this report are:
- The Goldman Sachs Group Inc.
- Merrill Lynch & Co. Inc.
- Bank of America Corp.
- Bear Stearns Cos. LLC
- JPMorgan Chase & Co.
- Citigroup Inc.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Commentary
Criteria articles describe the thought process and methodology Standard & Poor's analysts use in determining ratings. These commentary pieces discuss both the quantitative (economic and financial) and qualitative (business analysis and caliber of management) aspects of the analysis, as well as legal issues.
- The Goldman Sachs Group Inc.
- Merrill Lynch & Co. Inc.
- Bank of America Corp.
- Bear Stearns Cos. LLC
- JPMorgan Chase & Co.
- Citigroup Inc.
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