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Tyler Cling

Senior Manager, Fixed Income Indices, S&P Dow Jones Indices

Tyler M. Cling is the senior manager of fixed income indices at S&P Dow Jones Indices. Tyler oversees senior loan, municipal bond and credit default swap indices globally. In coordination with the client coverage team, Tyler interfaces with clients in order to identify and communicate client-driven needs within his asset classes. He also supports senior loan, municipal bond and credit default swap indices by providing oversight of content used in marketing materials.
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Jul 9, 2015

Credit Default Spreads…Moving On Up

The S&P/ISDA U.S. 150 Credit Spread Index has seen spreads widen by 56.52% since July 2014. This means investors are demanding over 50% more on the notional cost of default insurance on the largest investment-grade corporate bonds tracked by the S&P 500®. CDS “insurers” from the S&P/ISDA CDS U.S. High Yield OTR Index saw spreads…


Jul 6, 2015

Show Me The Muni: Q2 2015

The S&P Municipal Bond North Dakota Index (0.47% QTD) was the only U.S. state or territory index to finish the second quarter in the black.  The bonds tracked by the S&P Municipal Bond Puerto Rico Index (-8.22% QTD) have been in the focus of the mainstream media this week following public statements from their governor…


Apr 2, 2015

Show Me The Muni

The S&P Municipal Bond Puerto Rico Index was the only state or territory index to finish the quarter in the red, down 1.25% with its yield to worst at 7.89%. Yields continue to rise as investors become more skeptical about Puerto Rico’s ability to fulfill obligations to their creditors. The S&P Municipal Bond Puerto Rico…


Jan 26, 2015

Leverage Loan Redemptions = Record Trading Volume + Market Depth?

With the majority of the fixed income world taking sides on prize fights like Greece, the European Central Bank (ECB), inflation, and energy-related debt, you may have missed the beating leveraged loans have been receiving in the media. The Financial Industry Regulatory Authority (FINRA) cited senior loan liquidity concerns in their January letter, stating “…these…


Jan 12, 2015

Energy Related Municipal Bonds Help Push the S&P Municipal Bond Default Rate to a 3-Year High in 2014: 0.17%

In 2014, the default rate of the S&P Municipal Bond Index rose for the first time since 2011, finishing the year at 0.17%. In 2013, the overall default rate fell to 0.107% from 0.144% in 2012. The corporate bond sector of the municipal bond market has historically been one of the sectors where bonds have…


Nov 14, 2014

Are Green Bonds Really in the Red?

The green credit market has grown 50% annually since 2007, however market sentiment remains mixed on performance.  The S&P Green Bond Index is down 0.99% YTD, when most of the bond market has done quite well in 2014.  Abundant growth in concert with poor performance could prompt the suggestion that investors are deriving utility from…


Oct 27, 2014

Muni Minutes – A Changing of the Seasons

Following in suit with the colors of the trees, investor sentiment appears to be cycling. While the market may not be trading high-yield junk for investment-grade positions as quickly as New Yorkers are trading in their flip-flops and shorts for scarves and umbrellas last week, market demand has shifted in October. The S&P/BGCantor U.S. Treasury…


Jul 31, 2014

Late July Muni Minutes

Long-term bonds have posted solid gains thus far in 2014, with rates holding low longer than most expected. The composition of the municipal bond market is heavily weighted with short duration bonds. The looming sentiment of rising rates and inflation has investors focused on reinvestment risk; however, a supply imbalance systemic of voters’ hindrance for…


Jul 21, 2014

Mid-July Muni Minutes

Detroit: The anniversary of the city of Detroit essentially declaring bankruptcy by cancelling payments on $40 million of debt obligations last summer is not dragging down the state of Michigan. As observed by the S&P Municipal Bond Michigan General Obligation Index, the state’s debt is trading on par with the rest of the U.S. municipal…


Jun 19, 2014

Inflationary Tales

The market waits in anticipation this week as key economic indicators will be released to shed light on the health and direction of the financial world. The Department of Labor released Consumer Price Index (CPI) data for May showing consumer inflation ticking up 2.1% over the past twelve months.  The Federal Reserve has stated an…


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