- "While corporate credit spreads are close to their cyclical tights, they are still far from their all-time highs," says RBS, advising clients to overweight high-yield vs. investment-grade corporate paper. Far from "bubble-like," valuations are essentially fairly valued, says the team, and historically, December, has proven to be one of the strongest performance months.
- RBS does not what others have seen - namely the quality of high-yield issuance has dropped of late, notably showing up in the increase in covenant-light deals. At least some of this has to do with the increased Ba issuance, which, "by definition [has] less restrictive covenants."
- High-yield ETFs: HYG, JNK, HYS, HYLD, SJNK, PHB, SJB, ANGL, XOVR, UJB, QLTC, SHYG
From other sites
Video at CNBC.com (Oct 22, 2014)
Video at CNBC.com (Oct 21, 2014)
Video at CNBC.com (Aug 15, 2014)
at CNBC.com (Jun 25, 2013)
at CNBC.com (Jun 17, 2013)
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