Thoroughly researched single B paper yields at least 500 basis points over 10-year Treasuries.
For single B loans, the middle of the fairway in February was 6-6.5%.
FORBES: March 2012, US Leveraged Loan Market Trends and Analysis
You need to go down to single B rated paper with a 10-year duration to obtain a 6.5 percent return.
For higher credit quality issuers rated BB or higher, loan yields were effectively unchanged while single B rated borrowers paid roughly 50 bps more than they did in October.
The pattern was also clear in the new-issue market where single B clearing yields gapped out 13 bps versus those of BB loans, which remain in high demand not just from institutional loan accounts but banks and cross-over investors.
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Loans to issuers rated BB printed in a 5-5.5% context, with single-B paper clearing at 6-7%, give or take.
Consider that the average yield for single-B senior unsecured notes issued in the second half of 2012 is 7.07%.
With loans trading higher in April, single-B loans again outperformed BB paper.
The holder of a bond rated single-B gets scarcely 3.5 percentage points of premium to compensate for what are sure to be nasty losses of principal whenever a recession hits.
Understandably, then, the issuer base for 2012-model second-lien loans is dominated by (1) loans with CCC facility ratings (mainly from issuers with a single-B corporate-rating profile) and (2) unrated middle-market paper.
As well as being the B-side on the single, it will appear on an eight-disc retrospective that is also due out next month.
But work has already started to produce a vaccine based on just one single type of "B" meningitis.
The agency said studies of Teva's single-pill Plan B product "would not be transferable" to the drug's two-pill version.
Later the same year, the FDA approved Teva's single-pill Plan B formulation and allowed it to be sold without a prescription to women age 17 and older.
Mel B reflected her feelings about the marriage in last year's single Feels So Good, with the lyrics "All you loved was Mel B's money".
The super bears believe in a euro-crack up, the U.S. going to single A or even triple B credit rating, and maybe even defaulting.
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Bharat Biotech sells a single dose of its hepatitis B vaccine for 20 cents and Bharti Airtel provides one of the cheapest wireless telephone services in the world.
Cynics might argue that a more accurate view of modern Britain could come from the likes of Plan B, whose "Ill Manors" single sticks the knife into Cameron's Britain, but a gig at Buckingham Palace was never going to be the place for punk sentiment.
Romulus did not create Rome out of nothing, he grants, but it is possible that there was a single day, around the middle of the eighth century B.
It wasn't a particularly impressive event -- just a single shot in a tiny room supplemented with a bit of b-roll, including a top contender for one of the dorkiest promo videos in the history of the gaming industry.
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The B Team, brought to us by Virgin Unite, is a plan with a single purpose: to make business work better.
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"Generalizing from a single evaluation conducted in one setting is, at best, premature, " said David B.
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