Investment grade and high yield bonds trade like an index thanks to the evolution of ETFs. In particular, ETF trading is accounting for a larger portion of cash market volume.... Read More
As spring gets underway, seasonal trends in the bond market shift to a more bullish tone.... Read More
Roughly a third of Treasury debt will mature within the next year. The average maturity of all Treasury debt is at its highest level on record.... Read More
Economists have been expecting higher yields for at least a couple of decades.... Read More
Dealers and brokers used to be the largest participants in Treasury note and bond auctions, but they have given way to investment funds over the last decade.... Read More
An update on muni yields and total returns as 2020 comes to a close... Read More
The Bloomberg Barclays Global Aggregate Index has grown over 14% so far in 2020 to a market value of almost $65 trillion. This can be broken down by security type, country of origin, currency, rating and maturity.... Read More
In the quarter ending October 9, the Treasury issued $301 billion more than the Fed purchased.... Read More
144A bonds now make up almost 60% of the high yield universe by face value.... Read More
An update on muni yields and total returns... Read More
Over the past few months, Treasury issuance outpaced the Fed's purchases by the largest margin on record.... Read More
While the five largest tech stocks make up roughly a quarter of the S&P 500's market capitalization, tech's weight in investment grade and high yield indices is much lower.... Read More
Fallen angels now make up more than 16% of the high yield universe.... Read More
The market value of the Bloomberg Barclays Global Aggregate Index recently topped $61 trillion. This can be broken down by security type, country of origin, currency, rating and maturity.... Read More
An update of the world of negative-yielding debt... Read More
Fallen angels now make up almost 16% of the high yield universe.... Read More
An update of the world of negative-yielding debt... Read More
Bonds notched two of their best daily total returns in history recently, quickly followed by the worst daily total return on record.... Read More
For a long time, bonds from the energy industry made up the largest component of the BofA/Merrill High Yield Index. After this week's carnage, they now rank third behind health care and telecom.... Read More
Kraft Heinz and Macy's recently joined the ranks of fallen angels.... Read More