Already elevated, US corporate bond issuance has gotten a new lease on life, thanks to the Fed, which acted because credit markets were seizing up. Longer term, this ensures leverage continues higher. When it is all said and done, there … Continued
Last six years, U.S. high-yield bond issuance of $1.6tn This week, several Fed officials signal imminent rate hike this year Junk bonds – popular risk-on vehicle – not likely to take kindly to end of ZIRP A week ago, HYG, … Continued
2014 on track for 3rd successive year of $300bn-plus high-yield issuance; energy 15% of junk market By not cutting 30mn bpd production target, OPEC ready to lock horns with shale oil As both sides play game of ‘who will blink … Continued
VIX action yesterday constructive for equity bulls Medium- to long-term, equities have much more to go on the downside Near-term picture beginning to change, as beaten-down junk bonds and small-caps attract bids The morning gap-down in U.S. equities yesterday was … Continued