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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
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0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| More |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
|
1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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Junk Bonds Erase 2010 Loss as Spreads Fall Most Since September |
By John Detrixhe and Pierre Paulden
Feb. 17 (Bloomberg) -- High-yield, high-risk U.S. corporate bonds erased 2010 losses and spreads tightened the most in five months as company earnings and industrial production figures beat estimates.
Junk-rated debt has returned 0.38 percent this year, according to Bank of America Merrill Lynch’s U.S. High-Yield Master II Index. The extra yield investors demand to own high- yield bonds instead of Treasuries narrowed 22 basis points to 680 basis points, the biggest drop since Sept. 16 when spreads tightened 26 basis points.
Spreads have narrowed as the U.S. economy shows more signs of recovery, including today’s better-than-expected industrial production for January. The 0.9 percent gain in output at factories, mines and utilities exceeded the 0.7 percent forecast by a Bloomberg survey of economists as output of consumer goods and business equipment increased. Junk bond spreads have widened 41 basis points this year, after returning a record 58 percent last year.
“It’s very possible we could begin to stabilize,” said Eric Tutterow, an analyst at Fitch Ratings in Chicago. The high- yield credit market “had reached a point where it probably was getting a bit overheated, a bit overdone.”
Earnings have also buoyed investor confidence. A record nine-quarter earnings slump is projected by analysts to have ended in the fourth quarter with an 80 percent increase in Standard & Poor’s 500 profits.
High-yield, or junk, bonds are rated below Baa3 by Moody’s Investors Service and lower than BBB- by Standard & Poor’s and Fitch. One basis point is 0.01 percentage point.
New issue news: TNI US NEWBON <GO> Latest bond offerings: NIM3 <GO> Bond issuance statistics: LEAG43 <GO>
--Editors: Michael Weiss, Mitchell Martin
To contact the reporter on this story: John Detrixhe in New York at +1-212-617-3409 or jdetrixhe1@bloomberg.net; Pierre Paulden in New York at +1-212-617-3759 or ppaulden@bloomberg.net
To contact the editor responsible for this story: Alan Goldstein at +1-212-617-6186 or agoldstein5@bloomberg.net
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| Stuff to look at |
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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