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COLUMBUS, Ohio — Will Howard passed for two touchdowns and rushed for another, TreVeyon Henderson ran for a score, and No. 2 Ohio State beat previously undefeated No. 5 Indiana 38-15 on Saturday. All Ohio State (10-1, 7-1) has to do now is beat Michigan at home next Saturday and it will earn a return to the Big Ten championship game for the first time since 2020 and get a rematch with No. 1 Oregon. The Ducks beat Ohio State 32-31 in a wild one back on Oct. 12. The Hoosiers (10-1, 7-1) had their best chance to beat the Buckeyes for the first time since 1988 but were hurt by special teams mistakes and disrupted by an Ohio State defense that sacked quarterback Kurtis Rourke five times. Howard finished 22 for 26 for 201 yards. Emeka Egbuka had seven catches for 80 yards and a TD. NO. 25 ILLINOIS 38, RUTGERS 31: Luke Altmyer found Pat Bryant for a catch-and-run, 40-yard touchdown pass with 4 seconds left, sending Illinois to a wild road victory over Rutgers. Illinois (8-3, 5-3) was down 31-30 when it sent long kicker Ethan Moczulski out for a desperation 58-yard field goal with 14 seconds to go. Rutgers (6-5, 3-5) coach Greg Schiano then called for a timeout right before Moczulski’s attempt was wide left and about 15 yards short. After the missed field goal was waved off by the timeout, Illinois coach Bret Bielema sent his offense back on the field. Altmyer hit Bryant on an in cut on the left side at the 22, and he continued across the field and scored untouched in a game that featured three lead changes in the final 3:07. IOWA 29, MARYLAND 13: Kaleb Johnson rushed for 164 yards and a touchdown on a career-high 35 carries, and Kamari Moulton scored on a 68-yard run in the fourth quarter to help Iowa outlast Maryland in College Park. Johnson scored from 2 yards out in the second quarter for his 21st rushing touchdown of the season, and the Hawkeyes (7-4, 5-3) rebounded from their loss to UCLA in their previous game. Maryland (4-7, 1-7) needed to win its final two regular-season games to reach six wins and bowl eligibility, but the Terrapins were dominated in the first half and eventually fell behind 16-0. Drew Stevens made five field goals for Iowa, including kicks from 54 yards in the second quarter, then 50 and 49 in the third. LATE FRIDAY MICHIGAN STATE 24, PURDUE 17: Aidan Chiles threw for two scores in the first half to build a three-touchdown lead and Michigan State (5-6, 3-5) held on to beat Purdue (1-10, 0-8) at home. The Spartans are a win away from being eligible for a bowl with first-year coach Jonathan Smith and they play Rutgers at home in the final regular-season game. Get local news delivered to your inbox!
Australian radio star Ray Hadley became choked up and wiped away tears after he heard his mother’s voice on radio during an emotional tribute to his career on his last day on air. A tribute to Hadley’s illustrious career was played on 2GB on Friday to celebrate his last day on air after he announced his retirement back in November. However, Hadley became emotional when a snippet of his mother’s voice was played during the segment. “Very emotional. I had heard my mother’s voice previously,” Hadley told listeners, choked up. “I wasn’t gonna get upset. You’ve done this to me you little bludger.” Fordham said Hadley had taught “everyone in this job to wear your heart on your sleeve”. “I’ll just say this, having learned a bit about your family over the years — while you’ve lived a very different life to your parents, everyone was a hard worker, and that’s something that has flowed on now to your children as well,” Fordham said. “I worked hard for great reward, mum and dad worked hard for no reward,” Hadley replied. “And my children, and fortunately, my children’s husbands ... and wife (are) of the same ilk, they come from stock that always wants to work and wants to be part of it.” Hadley also let out a few laughs during the tribute. “There were some funny things in that, too that made me laugh,” he said. “And the thing that got me most was mum.” Fordham earlier asked if he could play Hadley the tribute, with the radio star cheekily replying “Well, you’re going to anyway”. “This is a thing you do all the time,” Hadley quipped. “’Can you do this?’ ... Why do you ask me?”“I like to have your permission,” Fordham replied. “No, I say no, don’t play it, you’re going to play it anyway, so go,” Hadley laughed. The tribute spanned Hadley’s entire career, from top sporting moments, interviews with Keith Urban, to his children speaking with him on air. “Ray Hadley, this is your life,” Fordham said before it played. Loyal listeners called into 2GB on Friday morning to farewell Hadley. The radio icon was also given one of his own first radio awards during his last segment. “I found it in your office,” Fordham said. “So you pinched it, now you give it back ... Correct?” Hadley replied. “It’s the thought that counts,” Fordham joked. More to come ...
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(Bloomberg) — Companies are increasingly using the $1.4 trillion US junk-bond market to refinance existing debt, while new borrowing is happening more in private and leveraged loan markets. Nearly 80% of junk-bond sales in the US so far this year were for refinancing bonds or loans, the highest percentage since at least 2010, according to data from Barclays Plc. There have been just $59 billion of new high-yield note sales this year through Dec. 4, one of the lowest in more than a decade. The appeal of private credit is hard for many companies to resist. Direct lenders have raised vast amounts of money in recent years, with the total assets in the industry topping $1.5 trillion as of late March, giving them ample capital to lend out. They also tend to offer more flexibility to borrowers, and the loans are relatively easy to execute compared with selling bonds, which can be a multistage process where final pricing is only revealed at the end. Private credit loans also make fewer demands on bank balance sheets, a positive at a time when capital rules known as Basel III Endgame are set to further constrain some types of risky bank lending. There are regulatory incentives for lending in private markets, and potentially higher returns for investors there too, said Scott Kimball, chief investment officer at Loop Capital Asset Management. “High-yield bonds will keep losing market share, until investors grow concerned about illiquidity, transparency and credit quality,” Kimball said. Money moving from more public credit markets into more private ones mirrors what’s happening in stocks, where the market value of public equity is shrinking while private equity grows. Investors are broadly giving up liquidity in pursuit of potentially higher returns. Credit Quality Improves The US junk-bond market has shrunk about 13% to $1.39 trillion of debt outstanding from $1.59 trillion peak in October 2021, according to Bloomberg index data, based on the face value of the debt. For junk-bond investors, the drop in new sales is a positive. As the amount of debt outstanding shrinks, the value of existing bonds grows. Risk premiums, or spreads, have also narrowed this year. The average junk-bond spread could be about two percentage points wider if not for factors including private credit, Edward Altman, a finance professor emeritus at New York University’s Stern School of Business who has spent years studying defaults, said previously. Many of the companies opting for private credit are lower rated, and the issuers who remain in the junk-bond market tend to be at the upper end of the high-yield spectrum. That’s resulting in the credit quality improving for the junk-bond market as a whole. High-yield default rates have fallen to 1.1%, the lowest level in more than two years, according to a report by JPMorgan Chase & Co. strategists. In contrast, default rates in the syndicated loan market rose to 4% in November, the highest since Covid. Ratings-wise, around half of total outstanding junk bonds are in the BB tier, the highest part of the non-investment grade basket. Until the pandemic, when a large number of high-grade companies were suddenly cut to junk, that percentage had averaged closer to 40% going back to 2004. “The credit quality of the bond market is better than I’ve ever seen” in 25 years in the high-yield market, said Geof Marshall, head of fixed income and private markets at Toronto-based CI Global Asset Management. Rising interest rates often weigh on sales growth for new corporate debt, particularly for companies at the weaker end of the credit spectrum. But even as the Federal Reserve hiked rates in 2022 and 2023, the US leveraged loan and private credit markets both managed to grow, as has the US investment-grade bond market. Any company raising funds today is looking at all options, including private debt, according to Dominique Toublan, head of credit strategy at Barclays. Private credit is particularly attractive for companies looking to finance leveraged buyouts, CI Global’s Marshall said. The lenders can often promise particular pricing, ready in time for the close of the buyout, which may be more difficult for buyouts depending on funding in public markets. Canadian Boom While junk-bond sales volume is tepid in the US, the debt is becoming more popular in Canada, growing off a low base. As of Dec. 6, no fewer than eight new issuers — out of 20 total — entered the loonie high-yield market for the first time this year, spurred by relatively cheap funding, and yet unencumbered by a much-smaller private credit presence in the country. Companies have raised around C$6.47 billion ($4.57 billion) through high-yield debt sales as of early December, the second fastest pace of issuance since at least 2017, according to data from National Bank of Canada and Bloomberg. The pick-up in Canadian corporate new issuance this year has improved the depth and breadth of the Canadian junk-bond market, and that’s one of the reasons asset-management firm Picton Mahoney is switching out US-dollar bonds for Canadian ones, according to Phil Mesman, partner and portfolio manager. “All else equal, we prefer Canadian dollar to US dollar bonds given growth of the Canadian market, avoidance of excessive currency hedging costs, and a better yield environment and rate outlook,” Mesman told Bloomberg in an interview. The Toronto-based firm has rebalanced its bond book from approximately 75% US to 75% Canadian dollar because of the favorable conditions, he said. It will be a while before private credit can rise to the level of competition with the syndicated debt market in Canada, in part because of its banks’ decade-long dominance in credit, Arif Bhalwani, CEO of Third Eye Capital, told Bloomberg in an interview. Private lenders can do business only in niche areas where banks have decided not to play, such as out-of-favor or riskier sectors, Bhalwani said. In the US, it’s clear that companies have many options for borrowing, even if they have high-yield ratings. “You’re seeing increasing convergence between public and private markets, and you’re seeing a lot of issuers actually toggle between broadly syndicated markets and private debt markets,” Bhalwani said.BIRMINGHAM, Ala. (AP) — Bradley Ezewiro scored 19 points off of the bench to help lead UAB past Alcorn State 91-74 on Sunday night. Read this article for free: Already have an account? To continue reading, please subscribe: * BIRMINGHAM, Ala. (AP) — Bradley Ezewiro scored 19 points off of the bench to help lead UAB past Alcorn State 91-74 on Sunday night. Read unlimited articles for free today: Already have an account? BIRMINGHAM, Ala. (AP) — Bradley Ezewiro scored 19 points off of the bench to help lead UAB past Alcorn State 91-74 on Sunday night. Ezewiro shot 5 of 5 from the field and 9 for 9 from the line for the Blazers (7-6). Christian Coleman scored 15 points while shooting 6 of 8 from the field and 3 for 4 from the line. Alejandro had 15 points and went 5 of 10 from the field (3 for 6 from 3-point range). The Braves (0-13) were led in scoring by Keionte Cornelius, who finished with 22 points. Jalyke Gaines-Wyatt added 14 points for Alcorn State. Marcus Tankersley finished with 10 points. UAB took the lead with 11:35 remaining in the first half and never looked back. Coleman led their team in scoring with 11 points in the first half to help put them up 50-31 at the break. Ezewiro scored 15 points in the second half to help lead the way as UAB went on to secure a victory, despite being outscored by Alcorn State in the second half by a two-point margin. ___ The Associated Press created this story using technology provided by Data Skrive and data from Sportradar. AdvertisementFathers are still running into major obstacles accessing paid parental leave. Here’s why
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