Freshly Minted – November 11, 1999

HIGH YIELD

Slow generally and particularly today with the Government bond market closed for Veteran’s Day. Quote of the week comes from a bondholder who told us “We view credit rating actions as a lagging indicator for shipping bonds.”

GOLDEN OCEAN

Bond spread is almost 100%, 5 to 9, though no action to speak of other than piecing together the omnibus restructuring. After the efforts of the past several weeks (months, years…) all parties involved deserve a breath.

GLOBAL OCEAN CARRIERS

Slowly reports are drifting out on the “Book”, which has become more allegorical than literal to us. While we expect the company and steering committee to step up activity in the week ahead, all parties involved have remained very tight-lipped throughout the entire process.

PEGASUS

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