The market value of negative-yielding bonds across the globe recently hit a new record of $12.75 trillion. This is 23% of the total amount of sovereign debt outstanding.... Read More
Large speculators are typically thought of as contrarian indicators. When they get too extreme one way, go against it. Right now, they are betting on higher rates on the long end of the curve and lower rates at the short end of the curve.... Read More
Bond mutual funds and ETFs saw near-record inflows in the first quarter of 2019.... Read More
Based on the returns at online bond trading brokerages, Wall Street fully expects a transformational shift in the way bonds are traded.... Read More
A new pattern seems to be emerging in high yield trading. Cash volume spikes when prices recover and vice versa.... Read More
Investment grade ETFs have seen healthy inflows since the beginning of 2018. High yield ETFs have seen outflows over the same period. This further supports the idea that high yield ETFs are being used as a hedging tool.... Read More
While energy, health care and telecom companies make up the largest portion of the high yield universe, the rest of the BofA/Merrill High Yield Master is divided into many small parts.... Read More
Almost half of all global sovereign debt now trades above 2%.... Read More
A look at Treasuries, corporates, agencies, munis and open market paper.... Read More
Moody's BAA yields since 1919... Read More
A look at high yield option-adjusted spreads by sector... Read More
Moody's AAA yields since 1913... Read More
A breakdown of negative-yielding sovereign and corporate debt... Read More
Chatter about Treasury yields picked up quickly on financial TV channels as 10-year yields crossed 3%. However, pundits were also very quick to move on to other topics.... Read More
Treasuries and corporates remain the largest debt markets in the United States. Who owns these markets?... Read More
Fund managers are betting the public wants more active and smart beta fixed income ETFs as opposed to passive ETFs. Flows suggest the preference still lies with the passive ETFs.... Read More
Rumors of Russian accounting gimmickry may help explain some of the reduction in their holdings of U.S. Treasuries.... Read More
Dealers are leaving the corporate bond market just as ETFs are gaining more prominence. In the past dealers have handled many idiosyncratic issues in trading this market through downturns. The more macro-driven approach to trading by ETFs has not been tested under similar circumstances.... Read More
A look at bond returns since the beginning of 2018... Read More
Bond returns since the December 2017 rate hike.... Read More