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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
|
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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Revisiting Stocks and Bonds: The Lead/Lag Relationship From Both Sides |
Minyanville - Oct. 19, 2011 - By Howard Simons
The fact is, both stocks and corporate bonds are claims on corporate cash flows over different parts of the capital structure; information is available to both markets at the same time.
I addressed the issue of 2 Comments last week, but the topic is broad enough to revisit it from other standpoints. That analysis was based, as it should be, on comparative total returns at the index level and looked at the issue from one direction of causation, whether corporate bonds lead stocks but not vice-versa.
Most bond traders look at the option-adjusted spread (OAS) even though the fair-value comparison between stocks and bonds involves the yield to maturity (YTM) for bonds and not just the risk component. As Treasury rates have declined significantly over the past year, the yield for corporate bonds at a static OAS level had to decline therewith.
Let’s expand last week’s look to include both OAS and YTM and to take a look at the lead/lag relationship from both sides. While the underlying analysis looed at 18 different index-level pairs between the Russell 1000/2000/3000 indices on the stock side and the Corporate & High-Yield Master, A-Rated+ and High-Yield Master II indices on the bond side for both OAS and YTM, let’s limit things to the broadest comparison, the Russell 3000 and the Corporate & High-Yield Master indices.
For the complete article.
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| Stuff to look at |
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Income Security Recommendation January 2013 Issue.
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