ING likely to pay hybrid coupons, says BNP Paribas
Commenting on ING's debt restructuring, BNP Paribas analysts highlight the likelihood of the bank paying coupons on its hybrid securities.

RBC downgrades BSkyB on bond valuation
RBC credit research downgraded British Sky Broadcasting from outperform to sector perform.

Extension premium in lower tier-two's remain, say BNP Paribas
BNP Paribas analysts claim that lower tier-two bonds are still attractive, despite the reduction in the extension premium seen in recent months.

Crossover repricing likely with rising default rate, says BNP Paribas
Contending that the risk premium in Crossover is shrinking quickly, BNP Paribas analysts point to the possibility of repricing should default rates surge beyond rating agencies’ current estimates.

Maturity wall to ensure further refinancings, says Goldman Sachs
Goldman Sachs strategists estimate in their latest report that maturity extensions for $152 billion of debt will be necessary in order to take out the debt coming due between 2011 and 2014, and help reduce the size of the upcoming maturity wall.

Bank of America/Merrill Lynch highlights credit market split
Bank of America/Merrill Lynch highlights the divergence in the credit markets between high-priced new issues and lower cash price secondary bonds.

BNP Paribas expects further tier-one coupon deferral
BNP Paribas analysts contend that Dexia is likely to defer coupon payments.

Loan default rate rises with more bankruptcies, says Barcap
Barclays Capital’s US credit research reports that the loan default rate has risen.

US credit and equity offer comparable value, says Goldman
Goldman Sachs strategists report in their recent research that US investment grade cash credit and equities now offer comparable relative value.

Pharma credits contain patent risk, says UniCredit
UniCredit recommends a cash bond trade today on Sanofi-Aventis and Roche.

Loan to bond financing ratio may shift, says SocGen
Societe Generale’s credit research today reports that the loan financing to capital market financing ratio may change.

Aviva tier-one still an opportunity, says BNP
Aviva’s tier-one perpetual bond has had a phenomenal run in recent weeks, analysts at BNP Paribas report.

Potential event risk for Berry Plastics, says CreditSights
CreditSights analysts highlight the potential event risk related to Berry Plastics’ financial sponsor, Apollo Management in their most recent piece on the company.

Dexia and ING allowed to call subordinated debt
Good news for European financials comes as the European Community allowed both Dexia and ING call an upper tier-two and lower tier-two bond, respecitvely.

BBVA announces hybrids exchange offer
According to a regulatory filing at the London Stock Exchange yesterday, BBVA announced an offer to exchange any and all of the existing euro- and sterling-denominated tier-one hybrid securities.

UniCredit changes Telenor recommendation to overweight
UniCredit analysts change their recommendation for Telenor Group’s bonds to overweight in today’s research.

Wind Hellas's senior noteholders form group
According to UniCredit, Wind Hellas (II) has announced that a majority of the senior unsecured noteholders and a significant minority of the senior secured noteholders have organised a group.

Leveraged loan default rate at all-time high, says Barcap
Barclays Capital analysts report that default rates in the leveraged loan market have reached an all-time high.

Morgan Stanley lists likely outperforming companies
Morgan Stanley research posits a list of companies in both high-yield and investment grade with operating leverage and strong sales expectations.

Real value remains in lower tier-two capital
Heading into the last quarter of the year, BNP Paribas credit analysts point to lower tier-two bank paper as the asset class with real value.

Buy protection on Wolters Kluwer, says BNP Paribas
BNP Paribas analysts recommend buying protection on Wolters Kluwer and hedging with either Reed Elsevier or BskyB.

LBBW's gennussschein facing principal hit, says UniCredit
In the wake of LBBW’s announcement that it is expecting significant losses, UniCredit analysts point out that the bank’s gennussschein instruments are likely to receive a haircut.

M&A concerns hampering tighter credits, says Barcap
Barclays Capital credit analysts point to increasing M&A deals and unappealing valuations in the tighter end of the credit market for the underperformance of tighter credits.

CIT has limited time to restructure, says CreditSights
CreditSights analysts believe that CIT will need to restructure its balance sheet in order to avoid bankruptcy, but has the time (although limited) to do so.