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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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Credit Conditions Should Remain Stable For MLPs And Oil & Gas Producers |
Seeking Alpha - Oct. 5, 2011 - By Elliott Gue
The sovereign-debt crisis has escalated since the spring, spreading from the periphery (Greece, Ireland and Portugal) toward the core (Italy and Spain). Nevertheless, the contagion hasn’t infected credit markets outside the EU.
Although most of the master limited partnerships (MLP) in my coverage universe have almost zero revenue exposure to European markets, a second credit crunch would impact the group. MLPs rely on issuing units (the MLP equivalent of shares) and selling bonds to finance new projects and acquisitions--credit is the lifeblood of distribution growth. On the whole, MLPs have reduced their reliance on short-term lines of credit, but another credit crunch would still deal the group a major blow.
Investors should tune out the noise and focus on a handful of indicators to gauge the health of the interbank lending market, the US corporate bond market and EU sovereign-debt markets.
The Interbank Market
The TED spread, or the difference between what banks and the US government pay to borrow for three months, rose from obscurity in 2008 and 2009 to become the most popular ways to gauge the health of the financial system and the interbank lending market. After Lehman Brothers declared bankruptcy in fall 2008, financial institutions hoarded cash and restricted interbank lending because of concerns about the solvency of their counterparties. The US TED spread spiked to more than 4.5 percent in mid-October 2008.
To keep tabs on the health of the EU financial system, we monitor the spread between the three-month Euro Interbank Offered Rate (EURIBOR)--the rate major financial institutions in Europe charge each other to borrow money--and the yield on three-month German government debt. Check out this graph of US and EU TED spreads.
For the complete article.
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| Stuff to look at |
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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