Estimating the probability of default for shipping high yield bond issues

2008 ◽  
Vol 44 (6) ◽  
pp. 1123-1138 ◽  
Author(s):  
C.Th. Grammenos ◽  
N.K. Nomikos ◽  
N.C. Papapostolou
Keyword(s):  
High Yield ◽  
Probability Of Default ◽  
Bond Issues

Credit Ratings and Rating Agencies

2020 ◽  
Author(s):  
Miles Livingston ◽  
Lei Zhou
Keyword(s):  
Credit Rating ◽  
Corporate Bonds ◽  
The United States ◽  
Corporate Bond ◽  
Insurance Companies ◽  
High Yield ◽  
Credit Rating Agencies ◽  
Probability Of Default ◽  
Rating Agencies ◽  
Bond Issues

Credit rating agencies have developed as an information intermediary in the credit market because there are very large numbers of bonds outstanding with many different features. The Securities Industry and Financial Markets Association reports over $20 trillion of corporate bonds, mortgaged-backed securities, and asset-backed securities in the United States. The vast size of the bond markets, the number of different bond issues, and the complexity of these securities result in a massive amount of information for potential investors to evaluate. The magnitude of the information creates the need for independent companies to provide objective evaluations of the ability of bond issuers to pay their contractually binding obligations. The result is credit rating agencies (CRAs), private companies that monitor debt securities/issuers and provide information to investors about the potential default risk of individual bond issues and issuing firms. Rating agencies provide ratings for many types of debt instruments including corporate bonds, debt instruments backed by assets such as mortgages (mortgage-backed securities), short-term debt of corporations, municipal government debt, and debt issued by central governments (sovereign bonds). The three largest rating agencies are Moody’s, Standard & Poor’s, and Fitch. These agencies provide ratings that are indicators of the relative probability of default. Bonds with the highest rating of AAA have very low probabilities of default and consequently the yields on these bonds are relatively low. As the ratings decline, the probability of default increases and the bond yields increase. Ratings are important to institutional investors such as insurance companies, pension funds, and mutual funds. These large investors are often restricted to purchasing exclusively or primarily bonds in the highest rating categories. Consequently, the highest ratings are usually called investment grade. The lower ratings are usually designated as high-yield or “junk bonds.” There is a controversy about the possibility of inflated ratings. Since issuers pay rating agencies for providing ratings, there may be an incentive for the rating agencies to provide inflated ratings in exchange for fees. In the U.S. corporate bond market, at least two and often three agencies provide ratings. Multiple ratings make it difficult for one rating agency to provide inflated ratings. Rating agencies are regulated by the Securities and Exchange Commission to ensure that agencies follow reasonable procedures.

The prediction of default for high yield bond issues

1996 ◽  
Vol 5 (1) ◽  
pp. 75-89 ◽  
Author(s):  
Stephen P. Huffman ◽  
David J. Ward
Keyword(s):  
High Yield ◽  
Bond Issues

Applying Bankruptcy Prediction Models to Distressed High Yield Bond Issues

2004 ◽  
Vol 13 (4) ◽  
pp. 50-56 ◽  
Author(s):  
Roberto Marchesini ◽  
Grady Perdue ◽  
Vicki Bryan
Keyword(s):  
Prediction Models ◽  
Bankruptcy Prediction ◽  
High Yield ◽  
Bond Issues

Quality films from carbon fiber evaporation for thorough coverage of TEM grids

1988 ◽  
Vol 46 ◽  
pp. 418-419
Author(s):  
N. Tempel ◽  
M. C. Ledbetter
Keyword(s):  
Electron Microscopy ◽  
High Resolution Electron Microscopy ◽  
Carbon Films ◽  
Low Noise ◽  
Vacuum Evaporation ◽  
High Yield ◽  
Good Adhesion ◽  
Noise Structure ◽  
Resolution Electron ◽  
Carbon Foils

Carbon films have been a support of choice for high resolution electron microscopy since the introduction of vacuum evaporation of carbon. The desirable qualities of carbon films and methods of producing them has been extensively reviewed. It is difficult to get a high yield of grids by many of these methods, especially if virtually all of the windows must be covered with a tightly bonded, quality film of predictable thickness. We report here a method for producing carbon foils designed to maximize these attributes: 1) coverage of virtually all grid windows, 2) freedom from holes, wrinkles or folds, 3) good adhesion between film and grid, 4) uniformity of film and low noise structure, 5) predictability of film thickness, and 6) reproducibility.Our method utilizes vacuum evaporation of carbon from a fiber onto celloidin film and grid bars, adhesion of the film complex to the grid by carbon-carbon contact, and removal of the celloidin by acetone dissolution. Materials must be of high purity, and cleanliness must be rigorously maintained.

Effects of high pressure on the crystallization of carbon fiber reinforced polyetheretherketone (CF/PEEK) laminate composites

1990 ◽  
Vol 48 (4) ◽  
pp. 876-877
Author(s):  
Hong-Ming Lin ◽  
C. H. Liu ◽  
R. F. Lee
Keyword(s):  
High Pressure ◽  
Carbon Fiber ◽  
Sample Surface ◽  
High Yield ◽  
Fiber Reinforced ◽  
Laminate Composites ◽  
Peek Composite ◽  
Continuous Carbon Fiber ◽  
Carbon Fiber Reinforced

Polyetheretherketone (PEEK) is a crystallizable thermoplastic used as composite matrix materials in application which requires high yield stress, high toughness, long term high temperature service, and resistance to solvent and radiation. There have been several reports on the crystallization behavior of neat PEEK and of CF/PEEK composite. Other reports discussed the effects of crystallization on the mechanical properties of PEEK and CF/PEEK composites. However, these reports were all concerned with the crystallization or melting processes at or close to atmospheric pressure. Thus, the effects of high pressure on the crystallization of CF/PEEK will be examined in this study.The continuous carbon fiber reinforced PEEK (CF/PEEK) laminate composite with 68 wt.% of fibers was obtained from Imperial Chemical Industry (ICI). For the high pressure experiments, HIP was used to keep these samples under 1000, 1500 or 2000 atm. Then the samples were slowly cooled from 420 °C to 60 °C in the cooling rate about 1 - 2 degree per minute to induce high pressure crystallization. After the high pressure treatment, the samples were scanned in regular DSC to study the crystallinity and the melting temperature. Following the regular polishing, etching, and gold coating of the sample surface, the scanning electron microscope (SEM) was used to image the microstructure of the crystals. Also the samples about 25mmx5mmx3mm were prepared for the 3-point bending tests.

Catalytic enantioselective synthesis of indolizino[8,7-b]indole alkaloid derivatives based on the tandem reaction of tertiary enamides

2021 ◽  
Author(s):  
Xin-Ming Xu ◽  
Ming Xie ◽  
Jiazhu Li ◽  
Mei-Xiang Wang
Keyword(s):  
Indole Alkaloid ◽  
Enantioselective Synthesis ◽  
High Yield ◽  
Tandem Reaction ◽  
Indole Derivatives

An exquisite Pybox/Cu(OTf)2-catalyzed asymmetric tandem reaction of tertiary enamides was developed, which enabled the expeditious synthesis of indolizino[8,7-b]indole derivatives in high yield, excellent enantioselectivity and diastereoselectivity.

Purification of Urokinase from Complex Mixtures Using Immobilized Monoclonal Antibody Against Urokinase Light Chain

1983 ◽  
Vol 49 (01) ◽  
pp. 024-027 ◽  
Author(s):  
David Vetterlein ◽  
Gary J Calton
Keyword(s):  
Monoclonal Antibody ◽  
Light Chain ◽  
Culture Media ◽  
Biological Fluids ◽  
Single Step ◽  
High Yield ◽  
Step Method ◽  
Commercial Preparation ◽  
E Coli ◽  
Tissue Culture Media

SummaryThe preparation of a monoclonal antibody (MAB) against high molecular weight (HMW) urokinase light chain (20,000 Mr) is described. This MAB was immobilized and the resulting immunosorbent was used to isolate urokinase starting with an impure commercial preparation, fresh urine, spent tissue culture media, or E. coli broth without preliminary dialysis or concentration steps. Monospecific antibodies appear to provide a rapid single step method of purifying urokinase, in high yield, from a variety of biological fluids.

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