morning updte ... 04 03 2007

New Century Financial Corp is filing for bankruptcy. Even worse, there are signs that Alt-A loans begin to suffer too. Lenders like Southstar... KKR acquired First Data for about $29 billion -detailes: $34 cash S&P downgraded First Data corporate credit rating from A to BB+, junk bonds, because of the debt used to finance buyout. But its existing debt's price increased because the company planned to buy them back. CDS almost doubled in price from 106 to 213 bps. Based on FirstData's comments, Fitch expects the company to tender for all ofits outstanding senior unsecured bonds in conjunction withclosing. However, the indenture which governs all outstanding. KKR's buying spree: TXU $34 with TPG