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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)
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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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Allianz Likes B to BB Grade U.S. Junk Bonds as Economy Recovers |
Bloomberg - May 24, 2010 - By Katrina Nicholas
U.S. corporate bonds rated between B and BB will probably appreciate most as the economy recovers, according to Allianz Global Investors Capital, a unit of Allianz SE, Europe’s biggest insurer.
“The stronger-than-expected economic recovery, a firmer earnings environment and historically low interest rates puts U.S. high-yield bonds in a sweet spot,” Doug Forsyth, who helps manage $5.5 billion as a portfolio manager for Allianz Global, told reporters in Singapore today. Companies with these ratings had an average 30 percent year-on-year increase in cash-flow in the first quarter, showing “why performance will improve over the next 12 to 24 months,” he said.
U.S. junk bonds returned 7.2 percent this year, according to the Bank of America Merrill Lynch High Yield Master II Index, compared with 4.6 percent for the bank’s benchmark that includes investment-grade corporate debt. The U.S. recovery that began last year will be stronger than previously estimated, with the world’s largest economy expanding 3.2 percent this year and in 2011, according to a National Association for Business Economics survey of economists.
High-yield bonds, also known as speculative-grade or junk, are rated less than Baa at Moody’s Investors Service or BBB- at Standard & Poor’s. A BB grade is S&P’s second-highest junk rating and B is the risk assessor’s fifth-highest.
Forsyth, who is based in San Diego, is visiting Singapore to promote a new high-yield bond fund that’s hedged against the Singapore dollar to appeal to local investors, he told reporters. The fund holds bonds of companies including Hertz Global Holdings Inc., Advanced Micro Devices Inc. and Clear Channel Outdoor Holdings Inc., and has 29 percent of assets in BB grade debt with 62 percent in B grade securities, he said.
Singapore’s dollar has gained 17 percent against the U.S. dollar over the past five years, according to data compiled by Bloomberg.
--Editors: Will McSheehy
To contact the reporter on this story: Katrina Nicholas in Singapore at knicholas2@bloomberg.net
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