The fund was chock full of telecommunications and energy bonds that plummeted in value for much of 2001, though he says the real damage was obscured until a couple of his key managers left early last year.
32.
"If you look at current spreads among the energy high-yield credits, it's fair to say we've already seen a lot of the tightening, " said Erik Dybesland, an energy bond analyst at Bear Stearns & AMP; Co.
33.
If it sells the same amount this year, plus $ 12 billion in energy bonds, that 0.7 percentage point difference on $ 16.6 billion in bonds would cost the state $ 116million a year in additional interest costs.
34.
The energy sector accounts for 4.6 % of outstanding leveraged loans, compared with 3.1 % a decade ago, while energy bonds make up 15.7 % of the $ 1.3trillion junk bond market, up from 4.3 % over the same period.
35.
There's a good chance that the Internal Revenue Service will declare that the energy bonds are intended for a private purpose and that the state will have to pay the higher, taxable rate on a good portion of them, Angelides says.
36.
If it sells the same amount this year, plus $ 12 billion in energy bonds, that 0 . 7 percentage point difference on $ 16 . 6 billion in bonds would cost the state $ 116million a year in additional interest costs.
37.
Phillip Gordon, a foreign policy analyst at the Brookings Institution, said that while the countries may be unhappy with one another, he does not foresee a break in relations, considering the strategic and energy bonds between the United States and Saudi Arabia.
38.
"Companies are trading at yields equivalent to ratings one and two categories better than what their ratings are, " said Keith Petersen, an energy bond analyst at Salomon Brothers Inc . " The $ 64, 000 question is, ` Where's the value ? "'
39.
"If you look at what the treatment will be for these stranded costs, versus where you were a year ago, we've got a little more clarity about the treatment for some states, " said Barry Welch, who manages $ 5.3 billion of energy bonds at John Hancock Financial Services in Boston.
40.
"If you look at what the treatment will be for these stranded costs, versus where you were a year ago, we've got a little more clarity about the treatment for some states, " said Barry Welch, who manages $ 5 . 3 billion of energy bonds at John Hancock Financial Services in Boston.
