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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)
|
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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Making Money In Credit: HYG Vs. TLT |
Seeking Alpha - Oct. 4, 2011 - By J. Womack
We are once again entering interesting times in the credit and equity markets. While large hedge funds and other institutional money managers are in a better position to take advantage of some of the opportunities from dislocations and volatility, the question remains how smaller investors can potentially profit. The answer lies in a long/short trade I am affectionately going to call 'Twist & Shout.' Twist, because the Fed's Operation Twist and market fear will likely flatten the yield curve more than we anticipate (not to mention institutional investors looking for more duration); and Shout, because the guys about to lose money in high yield bonds will be shouting loudly until that market sees its bottom. Ultimately, it is a play on credit spread expansion and yield compression in the credit market.
Twist - Long TLT
The Federal Reserve is attempting to force money into risk assets. Since short-term rates are as low as they can go, they must now focus on the long end of the curve. When yields decrease, the value of bonds increases. Yields on bonds decrease when their prices are "bid up" by buyers seeking to own them. In this case, the buyer is the largest one on the planet - the US Federal Reserve - and the Fed wants to own the bonds pretty badly (i.e. they are willing to pay high prices).
Looking back over the four year period ending June 30th, 2011, we can see the relationship between returns on TLT (y-axis) versus changes in the Yield to Maturity (YTM) on 20 Year Treasuries.
For the complete article.
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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