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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
|
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
|
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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The Education of a Corporate Bond Manager, Part VI |
The Market Financial - July 30, 2010 - by Staff Wire Reports
fter 9/11, and and before the merger was complete on 9/30/2001, our investment team got together and came to an unusual conclusion — 9/11 would have little independent impact on the credit markets, so be willing to take credit risk where it is not well-understood by the market. We bought bonds in hotels, airplane EETCs (A-tranches), anything having to do with confidence in the system at that time. I consciously downgraded our portfolio two full notches from September to November.
I went to a Chief Investment Officer’s conference for insurance investors in October 2001. What I remember most is that we were the only company being so aggressive. In a closed0-door meeting, the representative from Conseco told me I was irresponsible. To hear that from a company near bankruptcy rang the bell. I was convinced we were on the right track.
By mid-November, we had almost completed our purchases of yieldy assets, when I received a phone call from the chief actuary of our client expressing concern over the credit risks we were taking; the rating agencies were threatening a downgrade.
Well, what do you know?! The company that did not understand the meaning of the word risk finally gets it , and happily, at the right time. We were done with our trade.
We looked like doofuses for three months before the market began to turn, and I began a humongous “up in credit” trade as we began to make a lot of money. By the time I was done in early June, I had upgraded the whole portfolio three full notches. A great trade? You bet, and more. What’s worse, it was what the client wanted, but not what it should have wanted.
For the complete article visit The Market Financial
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| Stuff to look at |
Yield and Income Newsletter: A must have for income investors. subscribe NOW
S&P Commentary and Newsletters: S&P
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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