Category Archives: Fixed Income

Equity Auguries?

The market for credit default swaps is typically not well-understood by equity investors (myself emphatically included).  This is unfortunate, since the price of insuring a company’s bonds (which is what a CDS measures) can sometimes provide insight into the same company’s equity securities. For example, in September 2012, the S&P 500 financials sector began to Read more […]

Special Report: US vs. European Banks CDS

The S&P/ISDA CDS U.S. Financials Select 10 Index held steady widening by a diminutive amount [3bps] for the month of March. The same cannot be said for the S&P/ISDA CDS European Banks Select 15 Index whose spread widened by 35bps in tandem with the news of the banking crisis in Cyprus. Cypriot banks remained closed Read more […]

National Credit Default Rates Decreased in February 2013 According to the S&P/Experian Consumer Credit Default Indices

Three of the Five Cities Saw Default Rates Descend in February 2013 New York, March 19, 2013 – Data through February 2013, released today by S&P Dow Jones Indices and Experian for the S&P/Experian Consumer Credit Default Indices, a comprehensive measure of changes in consumer credit defaults, showed a decrease in national default rates during Read more […]

US Municipal Bond Market Data – March 14, 2013

High yield municipal bond yields and relative spreads to investment grade munis have moved to lows not seen since 2008.  The S&P Municipal Bond High Yield Index has shown a positive total return of over 1.68% year to date and over 14% since this time last year.  The yield spread between high yield and investment Read more […]