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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
|
0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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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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The Four Big Bond Market Cliches |
Forbes.com - Aug. 26, 2010 - by Parmy Olson
JPMorgan analysts rebuff conventional misconceptons and find there's no free lunch in fixed income.
LONDON -- Having recently returned from their summer vacations, JPMorgan's team of European bond market analysts got to talking about what other people were saying about the credit markets. They realized they were hearing a lot of the same things and that some of the logic of the chatter was flawed.
From a note put out to clients, here are four points that analysts Stephen Dulake, Daniel Lamy and Tina Zhang keep hearing about credit and economic conditions and how their views differ from the conventional thinking:
1) "This is like Japan. Rates will be low for a long time."
Dulake and his team agree that policy rates will be low for a long time to come, but they don't think it's right to compare today's conditions with Japan's. First there's today's global credit backdrop, which is very different to the Japan of the 1990s. Back in those days market players were asking fewer questions about Japan's sovereign creditworthiness in the same way they are needling that of Greece, Portugal or Spain today.
2) "If it all goes wrong, they'll do more QE."
The general consensus seems to be that more quantitative easing, in which the Fed or other central banks expand the size of their balance sheets, is a good thing for credit markets because it can lead to less volatility. But if you think markets will look more skeptically on a second round of rampant money printing, the analysts say, and believe it didn't really improve credit conditions the first time around, the benefits from more easing will be marginal.
3) "Everyone's got cash."
"We hear this one all the time" says Dulake and his team, but they don’t necessarily disagree. It's just that the much-vaunted wall of money isn't available to all types of credit. "Given the decline in yields we’ve seen, the opportunity cost of holding cash has actually declined," they say. "In a less-liquid environment, it isn't wholly unnatural for credit investors to increase their cash balances."
For the complete article visit Forbes.com
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