CJNK
SPDR BofA Merrill Lynch Crossover Corporate Bond ETFNYSEARCA
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  • Thu, Dec. 1, 11:57 AM
    • SPDR Bloomberg Barclays 1-3 Month T-Bill ETF (NYSEARCA:BIL) - $0.0210. 30-Day Sec yield of 0.18%.
    • SPDR Barclays Issuer Scored Corporate Bond ETF (NYSEARCA:CBND) - $0.0825. 30-Day Sec yield of 2.71%.
    • SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (NYSEARCA:CJNK) - $0.0937. 30-Day Sec yield of 3.61%.
    • SPDR Barclays Convertible Securities ETF (NYSEARCA:CWB) - $0.2670. 30-Day Sec yield of 2.43%.
    • SPDR Barclays Investment Grade Floating Rate ETF (NYSEARCA:FLRN) - $0.0314. 30-Day Sec yield of 1.10%.
    • SPDR Nuveen S&P High Yield Municipal Bond ETF (NYSEARCA:HYMB) - $0.1851. 30-Day Sec yield of 3.97%.
    • SPDR Barclays Intermediate Term Treasury ETF (NYSEARCA:ITE) - $0.0588. 30-Day Sec yield of 1.33%.
    • SPDR Barclays Intermediate Term Corporate Bond ETF (NYSEARCA:ITR) - $0.0740. 30-Day Sec yield of 2.52%.
    • Payable Dec. 9; for shareholders of record Dec. 5; ex-div Dec. 1. 30-Day Sec yield as of 11/29/2016.
    | Thu, Dec. 1, 11:57 AM
  • Tue, Nov. 1, 1:16 PM
    • SPDR Barclays Issuer Scored Corporate Bond ETF (NYSEARCA:CBND) - $0.0817. 30-Day Sec yield of 2.71%.
    • SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (NYSEARCA:CJNK) - $0.0926. 30-Day Sec yield of 3.61%.
    • SPDR Barclays Convertible Securities ETF (NYSEARCA:CWB) - $0.1050. 30-Day Sec yield of 2.43%.
    • SPDR Barclays Investment Grade Floating Rate ETF (NYSEARCA:FLRN) - $0.0310. 30-Day Sec yield of 1.06%.
    • SPDR Nuveen S&P High Yield Municipal Bond ETF (NYSEARCA:HYMB) - $0.1779. 30-Day Sec yield of 3.46%.
    • SPDR Barclays Intermediate Term Treasury ETF (NYSEARCA:ITE) - $0.0599. 30-Day Sec yield of 1.07%.
    • SPDR Barclays Intermediate Term Corporate Bond ETF (NYSEARCA:ITR) - $0.0738. 30-Day Sec yield of 2.24%.
    • Payable Nov. 9; for shareholders of record Nov. 3; ex-div Nov. 1. 30-Day Sec yield as of 10/28/2016.
    | Tue, Nov. 1, 1:16 PM
  • Mon, Oct. 3, 10:28 AM
    • SPDR Barclays Issuer Scored Corporate Bond ETF (NYSEARCA:CBND) - $0.0814. 30-Day Sec yield of 2.61%.
    • SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (NYSEARCA:CJNK) - $0.0932. 30-Day Sec yield of 3.62%.
    • SPDR Barclays Convertible Securities ETF (NYSEARCA:CWB) - $0.1743. 30-Day Sec yield of 2.56%.
    • SPDR Barclays Investment Grade Floating Rate ETF (NYSEARCA:FLRN) - $0.0288. 30-Day Sec yield of 1.00%.
    • SPDR Nuveen S&P High Yield Municipal Bond ETF (NYSEARCA:HYMB) - $0.1793. 30-Day Sec yield of 3.20%.
    • SPDR Barclays Intermediate Term Treasury ETF (NYSEARCA:ITE) - $0.0590. 30-Day Sec yield of 0.99%.
    • SPDR Barclays Intermediate Term Corporate Bond ETF (NYSEARCA:ITR) - $0.0756. 30-Day Sec yield of 2.18%.
    • SPDR Barclays High Yield Bond ETF (NYSEARCA:JNK) - $0.1859. 30-Day Sec yield of 5.84%.
    • Payable Oct. 11; for shareholders of record Oct. 5; ex-div Oct. 3. 30-Day Sec yield as of 9/29/2016.
    | Mon, Oct. 3, 10:28 AM | 2 Comments
  • Thu, Sep. 1, 10:38 AM
    • SPDR Barclays Issuer Scored Corporate Bond ETF (NYSEARCA:CBND) - $0.0804. 30-Day Sec yield of 2.59%.
    • SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (NYSEARCA:CJNK) - $0.0926. 30-Day Sec yield of 3.61%.
    • SPDR Barclays Convertible Securities ETF (NYSEARCA:CWB) - $0.2000. 30-Day Sec yield of 2.49%.
    • SPDR Barclays Investment Grade Floating Rate ETF (NYSEARCA:FLRN) - $0.0277. 30-Day Sec yield of 0.97%.
    • SPDR Nuveen S&P High Yield Municipal Bond ETF (NYSEARCA:HYMB) - $0.1784. 30-Day Sec yield of 3.17%.
    • SPDR Barclays Intermediate Term Treasury ETF (NYSEARCA:ITE) - $0.0600. 30-Day Sec yield of 0.94%.
    • SPDR Barclays Intermediate Term Corporate Bond ETF (NYSEARCA:ITR) - $0.0753. 30-Day Sec yield of 2.15%.
    • SPDR Barclays High Yield Bond ETF (NYSEARCA:JNK) - $0.1862. 30-Day Sec yield of 5.81%.
    • SPDR Barclays Long Term Corporate Bond ETF (NYSEARCA:LWC) - $0.1434. 30-Day Sec yield of 3.92%.
    • Payable Sept. 12; for shareholders of record Sept. 6; ex-div Sept. 1. 30-Day Sec yield as of 8/30/2016.
    | Thu, Sep. 1, 10:38 AM | 1 Comment
  • Mon, Aug. 1, 2:56 PM
    • SPDR Nuveen Barclays Build America Bond ETF (NYSEARCA:BABS) - $0.1853. 30-Day Sec yield of 2.96%.
    • SPDR Barclays Issuer Scored Corporate Bond ETF (NYSEARCA:CBND) - $0.0803.30-Day Sec yield of 2.60%.
    • SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (NYSEARCA:CJNK) - $0.0929.30-Day Sec yield of 3.78%.
    • SPDR Barclays Convertible Securities ETF (NYSEARCA:CWB) - $0.1194. 30-Day Sec yield of 2.75%.
    • SPDR Nuveen Barclays California Municipal Bond ETF (NYSEARCA:CXA) - $0.0428. 30-Day Sec yield of 1.37%.
    • SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (NYSEARCA:EMCD) - $0.1080. 30-Day Sec yield of 4.13%.
    • All are payable Aug. 9; for shareholders of record Aug. 3; ex-div Aug. 1. 30-Day Sec yield as of 7/29/2016.
    | Mon, Aug. 1, 2:56 PM
  • Fri, Jul. 1, 1:23 PM
    • SPDR Nuveen Barclays Build America Bond ETF (NYSEARCA:BABS) - $0.1993. 30-Day Sec yield of 3.28%.
    • SPDR Barclays Issuer Scored Corporate Bond ETF (NYSEARCA:CBND) - $0.0803. 30-Day Sec yield of 2.71%.
    • SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (NYSEARCA:CJNK) - $0.0937. 30-Day Sec yield of 4.11%.
    • SPDR Barclays Convertible Securities ETF (NYSEARCA:CWB) - $0.1535. 30-Day Sec yield of 3.05%.
    • SPDR Nuveen Barclays California Municipal Bond ETF (NYSEARCA:CXA) - $0.0446. 30-Day Sec yield of 1.48%.
    • SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (NYSEARCA:EMCD) - $0.1076. 30-Day Sec yield of 4.47%.
    • SPDR Barclays Investment Grade Floating Rate ETF (NYSEARCA:FLRN) - $0.0259. 30-Day Sec yield of 0.99%.
    • SPDR Nuveen S&P High Yield Municipal Bond ETF (NYSEARCA:HYMB) - $0.2011. 30-Day Sec yield of 3.50%.
    • SPDR Nuveen Barclays New York Municipal Bond ETF (NYSEARCA:INY) - $0.0458. 30-Day Sec yield of 1.50%.
    • All are payable July 12; for shareholders of record July 6; ex-div July 1. 30-Day Sec yield as of 6/29/2016.
    | Fri, Jul. 1, 1:23 PM
  • Tue, Jun. 21, 2:56 PM
    • Covenant quality tumbled to 4.56 in May from 3.8 the previous month, according to Moody's, which rates on a one-to-five scale, with five being the worst. It was the largest single-month change on record.
    • Marty Fridson calls the plunge "a discouraging setback," but notes it could be due to the large amount of higher-rated junk issued in May - those high-yield bonds with stronger ratings tend to have easier covenants than the really junky stuff.
    • More from Fridson: "The long-run trend of covenant quality since the 2011 inception of the Moody’s series has been dismayingly negative. That tendency has been abetted by the investment banks, which compete for underwriting mandates partly on the basis of devising new loopholes."
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, MCI, FHY, KIO, ARDC, ANGL, VLT, CIF, AIF, MPV, MHY, PCF, IVH, DHG, HYLS, JSD, UJB, GGM, CJNK, QLTC, HYIH, WFHY
    | Tue, Jun. 21, 2:56 PM | 5 Comments
  • Thu, Jun. 2, 5:56 AM
    • SPDR Nuveen Barclays Build America Bond ETF (NYSEARCA:BABS) - monthly distribution of $0.1982. 30-Day Sec yield of 3.50%.
    • SPDR Barclays Issuer Scored Corporate Bond ETF (NYSEARCA:CBND) - monthly distribution of $0.0813. 30-Day Sec yield of 2.89%.
    • SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (NYSEARCA:CJNK) - monthly distribution of $0.0931. 30-Day Sec yield of 4.18%.
    • SPDR Barclays Convertible Securities ETF (NYSEARCA:CWB) - monthly distribution of $0.1254. 30-Day Sec yield of 3.14%.
    • SPDR Nuveen Barclays California Municipal Bond ETF (NYSEARCA:CXA) - monthly distribution of $0.0437. 30-Day Sec yield of 1.58%.
    • SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (NYSEARCA:EMCD) - monthly distribution of $0.1085. 30-Day Sec yield of 4.66%.
    • SPDR Barclays Investment Grade Floating Rate ETF (NYSEARCA:FLRN) - monthly distribution of $0.0262. 30-Day Sec yield of 1%.
    • All are payable June 9; for shareholders of record June 3; ex-div June 1. 30-Day Sec yield is as of May 31.
    | Thu, Jun. 2, 5:56 AM
  • Wed, May 25, 1:27 PM
    | Wed, May 25, 1:27 PM | 13 Comments
  • Wed, May 18, 11:52 AM
    • The recovery rate for high-yield bonds has been a super-low 13.9% thus far this year, according to Marty Fridson, continuing a trend begun last year when the recovery rate fell to 34%.
    • Source: Barron's
    • It's curious given the low default rate - just 2.83% in 2015 vs. the long-term average of 3.33%. Usually low default rates mean high recovery rates.
    • Fridson: "This outcome has generated anxiety among high-yield portfolio managers. Has some structural change taken place, they wonder, such that investors should expect lower average recovery rates over the remainder of the present credit cycle than in the past?"
    • Answering his own question, Fridson says special conditions associated with the energy crash along with one large, non-energy defaulter are behind the low recovery rate. For now, there's no clear evidence that recoveries on a more general basis are lower than they should be.
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, MCI, FHY, KIO, ARDC, ANGL, VLT, CIF, AIF, MPV, MHY, PCF, IVH, DHG, HYLS, JSD, UJB, GGM, CJNK, QLTC, HYIH
    | Wed, May 18, 11:52 AM | 8 Comments
  • Tue, May 10, 11:37 AM
    • Moody's now expects global speculative-grade defaults to hit 5% by the end of November - that's up from 4.6% forecast one month ago, and 3.8% prior to that.
    • Perhaps looking in the rearview mirror as it drives, the agency takes note of the oil price slump as continuing to put upward pressure on defaults. Being at least a tiny bit forward-looking, Moody's at least mentions tighter credit spreads of late as perhaps suggesting the default rate could taper.
    • Of 46 defaults recorded in the year's first four months, 18 were in oil and gas, and 9 in metals and mining.
    • In the U.S. the default rate for metals and mining companies is expected to rise to 11.5%; and for oil and gas to 10.3%.
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, MCI, FHY, KIO, ARDC, ANGL, VLT, CIF, AIF, MPV, MHY, PCF, IVH, DHG, HYLS, JSD, UJB, GGM, CJNK, QLTC, HYIH
    | Tue, May 10, 11:37 AM | 1 Comment
  • Mon, May 2, 2:54 PM
    • SPDR Nuveen Barclays Build America Bond ETF (NYSEARCA:BABS) - monthly distribution of $0.1999. 30-Day Sec yield of 3.60%
    • SPDR Barclays Issuer Scored Corporate Bond ETF (NYSEARCA:CBND) - monthly distribution of $0.0806. 30-Day Sec yield of 2.90%
    • SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (NYSEARCA:CJNK) - monthly distribution of $0.0914. 30-Day Sec yield of 4.21%
    • SPDR Barclays Convertible Securities ETF (NYSEARCA:CWB) - monthly distribution of $0.0706. 30-Day Sec yield of 3.03%
    • SPDR Nuveen Barclays California Municipal Bond ETF (NYSEARCA:CXA) - monthly distribution of $0.0452. 30-Day Sec yield of 1.63%
    • SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (NYSEARCA:EMCD) - monthly distribution of $0.1061. 30-Day Sec yield of 4.79%
    • All are payable May 10; for shareholders of record May 4; ex-div May 2. 30-Day Sec yield is as of 4/28/2016.
    | Mon, May 2, 2:54 PM
  • Fri, Apr. 22, 11:30 AM
    • After a tough start to the year, junk bonds are on a tear - now having returned 6% YTD, with the overall yield sliding to just 6.9% from 10% earlier in 2016.
    • The bigger action has been in the junkiest of the junk sectors, with paper rated CCC having returned a full 9% YTD, including that of low-grade energy companies having returned 10%.
    • The term "Goldilocks" has re-entered the lexicon, with bulls saying we've got an economy strong enough to prevent defaults, but not so strong as to warrant tighter monetary policy. The oil price crash? Yesterday's news, they say.
    • Marty Fridson says high-yield has returned to "extreme overvaluation" territory. Jeff Gundlach, however, calls junk bonds still somewhat cheap, though noting the high proportion of the lowest-quality paper being issued of late.
    • Bottom line, writes Robin Wigglesworth in the FT: The rally should continue if for no other reason than the world remains yield-starved.
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, MCI, FHY, KIO, ANGL, ARDC, VLT, CIF, AIF, MPV, MHY, PCF, DHG, IVH, HYLS, JSD, UJB, GGM, CJNK, QLTC
    • Now read: Pessimism Recedes (April 21)
    | Fri, Apr. 22, 11:30 AM | 5 Comments
  • Tue, Apr. 12, 12:48 PM
    | Tue, Apr. 12, 12:48 PM | 1 Comment
  • Mon, Apr. 11, 3:23 PM
    • "Simply put, clients were not being compensated for credit risk," says the team of Matthew Mish and Stephen Caprio.
    • A slowdown in U.S. growth could be the catalyst that pricks the bubble, they say as speculative credits find it even more expensive to borrow.
    • It could be happening now as high-yield issuance is lower by 53% this year, and the lowest-grade paper (CCC ratings) yields 15.2% even after the big rally of the past couple of months.
    • If they're correct, the two say spreads to Treasurys could more than double to 16.4%. "Investors were herded into lower-quality credit risk for a yield pick-up of a couple hundred basis points ... But the fundamental problem is that the default risk is exponential, not linear in these securities."
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, MCI, FHY, KIO, ANGL, ARDC, VLT, CIF, AIF, MPV, MHY, PCF, DHG, IVH, HYLS, JSD, UJB, GGM, CJNK, QLTC
    | Mon, Apr. 11, 3:23 PM | 18 Comments
  • Fri, Apr. 1, 12:22 PM
    • SPDR Nuveen Barclays Build America Bond ETF (NYSEARCA:BABS) - monthly distribution of $0.1984. 30-Day Sec yield of 3.70%.
    • SPDR Barclays Issuer Scored Corporate Bond ETF (NYSEARCA:CBND) - monthly distribution of $0.0803. 30-Day Sec yield of 3.18%.
    • SPDR BofA Merrill Lynch Crossover Corporate Bond ETF (NYSEARCA:CJNK) - monthly distribution of $0.0890. 30-Day Sec yield of 4.52%.
    • SPDR Barclays Convertible Securities ETF (NYSEARCA:CWB) - monthly distribution of $0.1360. 30-Day Sec yield of 3.08%.
    • SPDR Nuveen Barclays California Municipal Bond ETF (NYSEARCA:CXA) - monthly distribution of $0.0454. 30-Day Sec yield of 1.82%.
    • SPDR BofA Merrill Lynch Emerging Markets Corporate Bond ETF (NYSEARCA:EMCD) - monthly distribution of $0.1090. 30-Day Sec yield of 5.09%.
    • SPDR Barclays Investment Grade Floating Rate ETF (NYSEARCA:FLRN) - monthly distribution of $0.0256. 30-Day Sec yield of 1.11%.
    • SPDR Nuveen S&P High Yield Municipal Bond ETF (NYSEARCA:HYMB) - monthly distribution of $0.2032. 30-Day Sec yield of 3.91%.
    • Payable Apr. 11; for shareholders of record Apr. 5; ex-div Apr. 1.
    | Fri, Apr. 1, 12:22 PM
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