date:May 14, 2014
ed to see more details around the company's expected cash flow and the probable pace of debt reduction.
DEBT DOUBTS
Even as the company's bonds held steady, in fact, the cost of insuring that debt against default increased.
Hillshire's five-year CDS widened 15bp-20bp to around 140bp - and that still did not seem to reflect the magnitude of Fitch's three-rung downgrade.
While MA issuance has been all the rage this year, particularly in the high-yield market, acquisitions have not typically in