The growth of the high
yield market since the 2008 financial crisis has been significant; the par amount outstanding of the S&P U.S. Issued High Yield Corporate Bond Index increased by 65 % from Dec. 31, 2008, to Dec. 15,, 2015.
Not exact matches
Since the bond
market's «flash crash» back in October — when US 10 - year Treasury
yields fell 34 basis points, or 0.34 % in one morning — concerns regarding liquidity and how resilient the bond
market might be to shocks have lingered around the
market.
Especially
since the recent behavior of Japan's key financial
market variables (stock indices, the
yield curve and the yen's exchange rate) could be seen as a sign of support for reflationary policies.
The
yield on the U.S. 10 - year Treasury jumped to its highest level
since 2014 on Friday morning, underlining a wider move in bond
markets caused by central banks moving away from financial crisis policies.
Their declining currencies against the dollar (8 - 9 percent over the past 12 months), falling stock
market values
since the beginning of the year and high (India) and rising (Brazil) bond
yields are reflecting their funding difficulties.
Looking at the forward earnings
yield for S&P 500 stocks, BAML finds dispersion is the highest
since 2009, when the
market was just starting to recover from the financial crisis.
The
market's price action
since late January hasn't been inspiring, and with bond
yields up, commodity prices higher and sharp price moves among equities, it might be time to break out the bear suit.
Nickel set for biggest weekly increase
since April 2009 Dow Jones Industrial Average reaches record on Thursday Gold heading for worst week in a month Largest increase in 30 - year Treasury
yields since 2009 Italian bonds are poised for worst three - week selloff
since 2011 Emerging -
market stocks set for biggest three - day slide
since August 2015 Mexico's peso plunges 12 percent in three daysCommodities
Oil prices have fallen more than 15 percent
since March 4 to a six - year low of $ 42.3, wiping out $ 7 billion of
market value of high -
yield debt issued by energy companies.
As the graph below shows, after the QE - driven big bounce from the 2008 collapse in the financial
markets, the high
yield market has largely drifted sideways
since the middle of 2010.
And
since the
market is pricing these stocks at the «3 %
yield» you mention, the stock price goes up in tandem to price the shares accordingly.
The leveraged loan
market just achieved something it hasn't been able to do
since 2008 — moved within $ 100 billion of the U.S. high -
yield bond...
The search for
yield also revived structured finance and drove leverage loan
markets to levels not seen
since 2008 (Box 1).
But
since the 10 - year bond
yield declined from 2.85 % to 2.75 % after the 5 % stock
market drop, and futures were signaling another 5 % drop in the stock
market, I figured it was time to deploy some significant cash.
The
yield on the 10 - year Treasury bond climbed above 3 % for the first time
since 2014, but of greater concern to many
market participants were remarks in major corporate earnings reports suggesting that business conditions had likely hit their peak and were poised to deteriorate going forward.
High
Yield Bond Funds posted outflows for the 13th time in the past 15 weeks, with the latest redemptions the biggest
since early March, while Emerging
Markets Bond Funds recorded their largest outflow
since the second week of February.
Fixed - rate loans for housing have fallen by less than those for small businesses
since they had also risen by less during the phase of rising
yields in capital
markets in 1999.
While mortgage lenders have tightened their wallets
since 2008, corporations have been borrowing with abandon, abetted by trillions of dollars in central bank liquidity and investors searching for
yield they can no longer find in government bonds or money
markets.
As we noted in the last issue of The IRA, the
yield on earning assets for all US banks has been falling
since 2008 thanks to the social engineering of Janet Yellen and her colleagues on the Federal Open
Market Committee.
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yielded consistent trading profits in bull, bear, and sideways
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It's also interesting to examine the changing significance and dynamics of the European bond
market in general, which has almost doubled in size
since 2005 to more than $ 10 trillion today, including government, investment - grade corporate debt and high
yield.
In response, both fed funds futures and Treasury
yields moved steadily higher during September and briefly advanced once more following the labor
market report for the month, as investors initially zeroed in on wage growth of 2.9 %, the fastest rate
since 2009.
Companies have reduced wasteful investments, and our math finds free - cash - flow
yield for non-financials exceeds that of developed
markets (DMs) for the first time
since 2007.
raising rates could crash the bond
market since traders are currently buying 30 year bonds with almost no
yield after a 35 year bull
market.
Currently, BBB - rated bonds are equal to 45 % of the entire outstanding high -
yield market, which has increased from 30 % a decade ago.3
Since BBB is the lowest investment - grade bond rating, the risk is that many poor credits will fall, like angels, from the investment - grade into the high -
yield universe.
U.S. dividend stock valuations have come down
since peaking in late July amid investors» search for
yield, and they are now more in line with those of the broader
market.
Since 2010, the level of the 10 - year Treasury
yield has explained approximately 45 % of the variation in the relative valuation — defined as the valuation of the sector versus the broader
market — for the utilities sector.
-- Localities in the $ 3.7 trillion municipal
market are planning the largest wave of debt sales in almost three months, bucking a trend of diminished borrowing that's pushed
yields to the lowest
since June.
In another segment of the bond
market,
yields on Fannie Mae mortgage - backed securities — those used to guide lenders into the bond
market — jumped to 3.21 percent in their biggest move
since mid-2009, the Journal reported.
This makes sense,
since often times, high net worth individuals seek the safety and
yield of munis, and the
market infers a slight spread above Treasuries
since a municipality is more likely to default on a loan than the US government, which can always just print more money under the US Fiat currency model.
A lot of this pessimism had already been reversed by the time of the previous Statement in August, but
since then
yields have risen by a further 45 — 85 basis points across the
yield curve, as
market confidence has improved.
Bond
yields in the major
markets have risen substantially
since mid year, when significant downside risks to world economic growth were seen by
markets (Graph 11).
Yields have been in a bear
market for rather a long time now, though a grudging one, judging by its protracted trajectory, though I'll grant the nearly 100 basis point gains in 10 years
since 2.05 percent as recently as September is rather stellar.
Spreads between corporate bond
yields and swap rates, which are a measure of the
market's credit risk perceptions, have fallen slightly
since the previous Statement (Graph 43).
Reflecting these positive developments, the Japanese stock
market has risen by around 40 per cent over the past six months and long - term bond
yields have risen by nearly 1 percentage point
since the middle of the year.
Long - term
yields have mirrored the pattern in short - term
yields since the last Statement, rising in February and March then falling in April, largely in response to developments in overseas
markets (Graph 42).
Global bond
yields also rose over the February / March period but, like share
markets, have
since retreated.
Market expectations of a tightening had been building since the previous Statement and were reflected in short - term market yields, which rose by around 30 basis points between early February and early March (Grap
Market expectations of a tightening had been building
since the previous Statement and were reflected in short - term
market yields, which rose by around 30 basis points between early February and early March (Grap
market yields, which rose by around 30 basis points between early February and early March (Graph 41).
Since bond prices and bond
yields are a function of inflation, if inflation is diving you can't expect a new bear
market in bonds.
Since then, 77 high -
yielding rice varieties have been released as a result of rice breeding collaboration, including many that are currently grown by farmers for the domestic
market and some that are grown for export.
Having recognized this shortage of Top Drawer CDM in the
market to sign must have led Le Boss to be trying to find an internal solution to the problem by trying to convert a Gunner or two to the CDM role for Arsenal which hasn't quiet
yielded any great result
since the advent of Coquelin's conversion to CDM which looked to be succeeding until injury restricted his capacity in that role as a dependable CDM for Arsenal.
Mr Jackson: The hon. Lady will know that the
markets have recognised that the fiscal consolidation that the Government had to put in place as part of a policy of growth in the private sector and consolidation in the public sector has resulted in a lessening of the pressures in the gilt
markets, with gilt
yields down to 3.53 %
since May last year, and every 1 % is # 1 billion of interest payment.
About Jennifer Walden Weprin Walden Weprin hails from the Louis Armstrong House Museum in Corona as Director of
Marketing & External Affairs since 2011, where she designed and implemented a marketing and programming strategy that yielded a 21 percent increase in museum
Marketing & External Affairs
since 2011, where she designed and implemented a
marketing and programming strategy that yielded a 21 percent increase in museum
marketing and programming strategy that
yielded a 21 percent increase in museum visitors.
Paying down the debt early wouldn't actually save any money
since a good money
market account
yields more than the loan rate of 0.9 %.
The
yield on the benchmark 10 - year Treasury note climbed to 3.122 percent Thursday, its highest
market since July 8, 2011, while the
yield on the 30 - year Treasury bond hit 3.248 percent, its highest level
since July 13, 2015.
To achieve superior returns through bull and bear
markets alike, investors should look to stocks with the very highest dividend
yields, according to a new study by Dow Theory Forecasts, an investment newsletter published
since 1946, as reported by Barron's.
The average
yield of bonds in the S&P 500 7 - 10 Year Investment Grade Corporate Bond Index has fallen by 94bps
since year end as the
yield thirsty
market place has hunted
yield oriented products.
The offshore
yield has traded above the onshore
yield since 2014, on the back of the weakening currency and tightening liquidity in the offshore
market.
Since I wouldn't need the entire amount immediately (just one month's expenses per month), a slight improvement would be to have this money in a safe, liquid investment (perhaps a cashable GIC, money
market account or high -
yield savings account).
Since the financial crisis, sub-zero
yields have occurred sporadically, however they have typically appeared during times of
market stress and predominantly in short - dated, highly liquid assets.