Corporate Bond Risk Rises After Bear Stearns Rating Outlook Cut by S&P

(Bloomberg) -- The risk of owning corporate bonds
rose in the U.S. and Europe after Bear Stearns Cos., the manager
of two hedge funds that collapsed last month, had its debt-
rating outlook cut to negative by Standard & Poor's.

The failure of the Bear Stearns funds, which invested in
subprime mortgage-related bonds, triggered a flight from the
riskiest debt that spurred some lenders to balk at financing
leveraged buyouts. Deutsche Bank AG, JPMorgan and six more banks
today canceled the sale of 1 billion pounds ($2 billion) of
loans for Kohlberg Kravis Roberts & Co.'s LBO of U.K. drugstore
chain Alliance Boots Plc after failing to find investors, two
people with direct knowledge of the deal said.


Read more at Bloomberg Bonds News

Oil Rises to Record Close of $78.21 on Speculation Demand to Exceed Supply

(Bloomberg) -- Crude oil rose to a record close of
$78.21 a barrel in New York on speculation demand will outpace
supply as refiners increase fuel production.

Bets on rising prices by hedge funds and other speculators
rose to a record earlier this month, according to U.S. Commodity
Futures Trading Commission data. Global demand will climb 1.7
percent in 2008, showing no sign of slowing because of high
prices, a Deutsche Bank AG report showed. A government report
tomorrow may show U.S. oil supplies fell for a fourth week.


Read more at Bloomberg Commodities News

UPDATE 2-Boots extends loan deadline, to change terms

(Reuters) - LONDON, July 20 - UK health and beauty retailer
Alliance Boots is revising the terms on 9 billion pounds of bank
debt backing its buyout by Kohlberg Kravis Roberts and is
extending the deadline for investors to commit to the deal, one
of the debt arrangers said on Friday.




The stakeholders in the deal have yet to come to a consensus
on the details of the changes, which involve adjustments to the
pricing and the structure, although it is hoped that this will
happen over the weekend, a spokeswoman for Deutsche Bank said.


Read more at Reuters.com Mergers News

KKR's Banks Postpone Alliance Boots LBO Loans Until Next Week, Banker Says

(Bloomberg) -- Kohlberg Kravis Roberts & Co.'s
banks postponed a deadline to finance the buyout of Alliance
Boots Plc after failing to raise enough demand for the 9 billion
pounds ($18.5 billion) of loans, said a banker involved.

KKR and lenders led by Deutsche Bank AG started offering
the debt to investors three weeks ago and had asked them to
commit no later than today. The underwriting banks are now
giving potential investors until next week to join the loan with
the extra time designed to boost participation, said the banker
on the deal, who declined to be identified because the
discussions are private.


Read more at Bloomberg Bonds News

Investor Confidence in High-Yield Loans Deteriorates, LevX Index Shows

(Bloomberg) -- Investor confidence in high-risk,
high-yield loans deteriorated for the third straight day,
according to traders of credit-default swaps on European debt.

The iTraxx LevX Index of contracts on loans to 35 companies
today fell 0.1 to 97.90, reversing earlier gains, according to
Deutsche Bank AG. The index fell to 97.50 last week, the lowest
since it started trading in October.


Read more at Bloomberg Bonds News

Oil May Exceed Analysts' Estimates for a Ninth Year, Deutsche Bank Says

(Bloomberg) -- Crude oil may exceed analysts'
estimates for a ninth year as forecasters fail to recognize the
lasting effect of changes to supply and demand fundamentals,
according to Deutsche Bank AG.

``The analyst community has been slow to adjust to the new
world order,'' Michael Lewis, Deutsche Bank's London-based head
of commodities research, said in a telephone interview
yesterday. ``We're now in the ninth consecutive year where the
market is underestimating the strength in the oil price.''


Read more at Bloomberg Energy News

Deutsche Bank Boosts S&P 500 Forecast on Profit Growth, Slowing Inflation

(Bloomberg) -- Deutsche Bank Securities boosted its
2007 forecast for the Standard & Poor's 500 Index by 4.5 percent
to 1610 on expectations of higher-than-forecast earnings and
slowing inflation.

The S&P 500 Index, which has gained 9.2 percent this year
and closed at a record on July 13, would need to rise another 3.9
percent by the end of the year to reach Deutsche Bank's new
forecast. The index fell 0.15 to 1549.37 today.


Read more at Bloomberg Stocks News

European Stocks Fall for First Time in Four Days; Statoil, BHP Decline

(Bloomberg) -- European stocks dropped for the first
time in four days after analysts downgraded oil companies and a
decline in copper prices pushed mining shares lower.

Repsol YPF and Statoil ASA paced a retreat in energy stocks
after ING Groep NV recommended selling the shares. Anglo American
Plc and Antofagasta Plc followed copper prices lower and BHP
Billiton Ltd. slid after Deutsche Bank AG downgraded shares of the
world's biggest mining company.


Read more at Bloomberg Stocks News

Rio Tinto Bond Risk Reaches Two-Year High on Its $38 Billion Bid for Alcan

(Bloomberg) -- The risk of lending to Rio Tinto
Group jumped to the highest in two years after the world's third-
largest mining company agreed to buy aluminum producer Alcan Inc.
for $38.1 billion, credit-default swaps show.

Contracts on $10 million of London-based Rio Tinto debt
increased $5,000 to $23,500, according to Deutsche Bank AG.


Read more at Bloomberg Bonds News

Rio Tinto Bond Risk Jumps on Bid for Alcan, Credit-Default Swaps Show

(Bloomberg) -- The risk of owning the bonds of Rio
Tinto Group, the world's third-largest mining company, rose
after the company agreed to buy aluminum producer Alcan Inc. for
$38.1 billion, according to traders of credit-default swaps.

Contracts on $10 million of London-based Rio Tinto debt
rose $5,000 to $23,500, according to Deutsche Bank AG.


Read more at Bloomberg Bonds News

JPMorgan, Lehman Brothers Lead Fixed-Income Market, Greenwich Study Says

(Bloomberg) -- JPMorgan Chase & Co. and Lehman
Brothers Holdings Inc. tied for first place among fixed-income
dealers in 2007 based on market share and service quality,
according to a Greenwich Associates study.

This year marks the first time Greenwich published the
results of its fixed-income survey. Deutsche Bank AG, Goldman
Sachs Group Inc. and Banc of America Securities LLC rounded out
the top five firms, the report said.


Read more at Bloomberg Bonds News

Citigroup top H1 underwriter, Merrill tops in fees

(Reuters) - The volume of securities offerings totaled $4.53 trillion, up 15 percent from a year earlier. Citigroup, JPMorgan Chase & Co. and Deutsche Bank AG retained their top three rankings, handling a respective $398.1 billion, $338.5 billion and $291.2 billion of volume.



Total disclosed fees edged up 2 percent to $7.7 billion. Merrill took in $869.7 million, followed by JPMorgan's $768.3 million and Citigroup's $654.1 million. Citigroup had ranked first a year earlier, while Merrill ranked fourth and JPMorgan fifth.


Read more at Reuters.com Bonds News

Malaysia's MISC Postpones $750 Million Bond Sale on `Market Volatility'

(Bloomberg) -- Malaysia's MISC Bhd., the world's
biggest owner of liquefied natural gas tankers, postponed a
planned dollar-denominated bond sale because of ``market
volatility,'' according to an e-mail sent to investors today.

MISC, a unit of national oil company Petroliam Nasional Bhd.,
hired Citigroup Inc. and Deutsche Bank AG to sell $750 million of
10-year bonds, an e-mail sent to investors earlier this week
showed.


Read more at Bloomberg Bonds News

Bond Risk Rises Worldwide on Concern Over Bear Stearns Hedge-Fund Losses

(Bloomberg) -- The perceived risk of owning
corporate bonds soared worldwide on concern over losses at hedge
funds run by Bear Stearns Cos.

Credit-default swaps based on 10 million euros ($13
million) of debt included in the iTraxx Crossover Series 7 Index
of 50 European companies jumped as much as 16,000 euros to
216,000 euros, the biggest one-day rise in three months,
according to Deutsche Bank AG. The CDX Crossover index in New
York surged as much as $10,000 to a nine-month high of $178,000.


Read more at Bloomberg Currencies News

Treasuries Drop on Concern Housing Weakness Won't Weigh Down U.S. Economy

(Bloomberg) -- Treasuries fell for the first time
in four days on concern a slowdown in housing may not weigh on
the U.S. economy.

``The market just got overbought the past couple of days,''
said Gary Pollack, who helps oversee $12 billion as head of
fixed-income trading at Deutsche Bank AG's Private Wealth
Management unit in New York.


Read more at Bloomberg Bonds News

Dollar hovers near 4-1/2-year high vs yen

(Reuters) - Data on Wednesday showed that U.S. retail sales rose 1.4 percent in May, the highest since 2006, with consumers shrugging off higher gasoline prices and boosting their spending on cars.




"Investors are thinking the economy is doing well as the stock market has calmed down and they see few signs of inflation," says Koji Fukaya, senior currency strategist at Deutsche Bank in Tokyo. "Unless this trend collapses, the dollar will stay firm."


Read more at Reuters.com Hot Stocks News

UPDATE 1-ComScore sees IPO of 5 mln shares at $14-$16 each

(Reuters) - The company expects to raise $92 million from the offering,
which it plans to use for working capital, capital expenditures
and possibly to fund potential acquisitions.




In an amended filing with the U.S Securities and Exchange
Commission, the provider of digital marketing intelligence
platform said Credit Suisse and Deutsche Bank Securities, among
others, were underwriting the IPO.


Read more at Reuters.com Bonds News

Global Corporate Bond Risk Rises for Second Day, Credit-Default Swaps Show

(Bloomberg) -- The risk of owning U.S. and European
corporate bonds rose today as investors sought the safety of
government bonds after benchmark Treasury yields rose to a 10-
month high, according to credit-default swap traders.

Contracts based on $10 million in debt included in the CDX
North America Crossover Index increased $3,750 to $150,750 as of
12:07 p.m. in New York, according to Deutsche Bank AG. Contracts
based on the iTraxx Crossover Series 7 Index of 50 European
companies rose 8,000 euros to 207,000 euros as at the close of
trading today in London.


Read more at Bloomberg Bonds News

UPDATE 1-CVR Energy files for 15.5 mln share IPO

(Reuters) - The Sugar Land, Texas-based company's shares have been
approved for listing on the New York Stock Exchange under the
symbol "CVI."




Goldman Sachs & Co., Credit Suisse and Deutsche Bank
Securities, among others, are underwriting the IPO.


Read more at Reuters.com Government Filings News

Central European Shares Gain; Pekao, BRE Lead Rally on ING `Buy' Rating

(Bloomberg) -- Central European shares gained, led by
BRE Bank SA, Bank Pekao SA and Bank BPH SA after ING Groep NV
advised investors to buy the stocks of Polish lenders, citing the
outlook for earnings growth.

Voestalpine AG advanced after Deutsche Bank AG raised its
share-price estimate for Austria's largest steelmaker.


Read more at Bloomberg Stocks News