Tag Archives: Leverage Loan

Rieger Report: The Uncorrelated

Why worry?  New highs for the U.S. stock market indices will keep coming, right?  Just in case, this might be a good time to examine asset classes that are not correlated to the equity market or the “uncorrelated”. Corporate bonds of the issuers in the S&P 500 are tracked in the S&P 500 Bond Index.  As a group Read more […]

Rieger Report: High Yield Domination

High yield bonds have been marching along and putting up returns that are dominating the investment grade bond markets. U.S. junk bonds continue to have no stink to them as demand for yield far outweighs the supply and seemingly the credit risks associated with these bonds.   The bonds of larger entities tracked in the S&P 500 Read more […]

S&P U.S. High Quality Preferred Stock Index: A Venn of an Index

Similar to the Venn diagram in which the overlapping section of circles is the focus, the S&P U.S. High Quality Preferred Stock Index is designed to measure preferred securities that are constituents of both the fixed-rate and investment-grade preferred stock indices. Exhibit 1: S&P U.S. Preferred Stock Indices Hierarchy The weight of cumulative preferred stocks Read more […]

Bond Returns Barely Positive in February

The last few days of February had many wondering whether corporate bond indices would end up closing positive or negative for the month.  The majority of indices closed up for February, but not by much. Higher-quality corporate bonds, as measured by the S&P 500® Bond Index, posted a 0.83% total return for February and returned Read more […]

The Rieger Report: Junk Bond Market Performance Varies in 2015

The junk or high yield bond markets in the U.S. have seen diverse returns so far in 2015.  Municipal junk bonds are out performing both the senior loan and fixed rate corporate high yield segments of the market.  While municipal bonds are being buffeted by Puerto Rico corporate bonds and loans are seeing more significant head winds. Read more […]

U.S. Bond Prices Have Moved Up as Chinese Stock Prices Have Plunged

This week (starting July 27, 2015), the bond market has been off to a strong start, with the yield of the U.S. 10-year Treasury bond at 2.22%.  U.S. bond prices have moved up as Chinese stock prices have plunged.  Last week saw Treasury yields move lower, as dropping commodity prices followed the weaker CPI numbers Read more […]

The U.S. Celebrates its Independence While Greece Displays its Dependence on Debt

Closing out a short week before the U.S. fourth of July holiday, the yield-to-worst of the S&P/BGCantor Current 10 Year U.S. Treasury Index closed at 2.38% on Thursday, July 2, 2015.  The yield-to-worst was 9 bps lower than the 2.47% close of the previous Friday (June 26, 2015), as concerns over the Greek bailout vote Read more […]

Greece Is not out of the Picture for U.S. Investors

The yield-to-worst (YTW) on the U.S. 10-year Treasury bond, as measured by the S&P/BGCantor Current 10 Year U.S. Treasury Index, increased by 21 bps and ended 34 bps higher.  At 2.47%, it appeared the optimism over a Greek settlement was justified.  The index has returned -2.90% MTD and -1.94% YTD as of June 26, 2015.  Read more […]

Last Week’s Safety Trade Is Off, as Greece Charts a New Direction for Bonds

The yield-to-worst of the S&P/BGCantor Current 10 Year U.S. Treasury Index ended the week on Friday, June 19, 2015, 12 bps lower, at 2.26%.  Concerns over Greek debt financing with the European Union led investors to the safety of U.S. Treasuries.  Up to that Friday, the index had returned -1.11% MTD, recovering a bit after Read more […]

Risk On, Risk Adjusted: Retail and Institutional Money View Markets Differently

The yield-to-worst of the S&P U.S. Investment Grade Corporate Bond Index was relatively flat for the week, closing Friday, June 12, 2015, at a 3.15%.  For the previous week, Lipper data reported positive flows into investment-grade corporate bonds (June 3, 2015), which appeared to be buying on the dip, as the index moved from a Read more […]