JNK
SPDR Barclays Capital High Yield Bond ETFNYSEARCA
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  • Fri, Dec. 2, 9:16 AM
    • That this has happened should be of zero surprise given the rise in the 10-year Treasury yield from 1.70% to 2.40%, and the cyclical nature of investor attitudes.
    • Markit takes note of the wave of short-selling in fixed-income ETFs on both sides of the Atlantic, with total demand to borrow ETFs jumping by one third. Shorts are most active in high yield, emerging market, and other long-dated ETFs.
    • The most shorted ETFs are the two big junk bond funds (HYG, JNK), and shorts actually slipped a little in November for HYG, but rose 14% for JNK (hedgers likely make up a sizable number of shorts, one would think). Shorts in the investment-grade LQD fell 56%.
    • Shorts in the iShares JPMorgan USD Emerging Market Bond Fund (NYSEARCA:EMB) soared 111%.
    | Fri, Dec. 2, 9:16 AM | 2 Comments
  • Thu, Dec. 1, 11:59 AM
    • SPDR Barclays High Yield Bond ETF (NYSEARCA:JNK) - $0.1784. 30-Day Sec yield of 6.12%.
    • SPDR Barclays Long Term Corporate Bond ETF (NYSEARCA:LWC) - $0.1427. 30-Day Sec yield of 4.45%.
    • SPDR Barclays Mortgage Backed Bond ETF (NYSEARCA:MBG) - $0.0628. 30-Day Sec yield of 1.89%.
    • SPDR Barclays Short Term Corporate Bond ETF (NYSEARCA:SCPB) - $0.0440. 30-Day Sec yield of 1.72%.
    • SPDR Nuveen Barclays Short Term Municipal Bond ETF (NYSEARCA:SHM) - $0.0410. 30-Day Sec yield of 1.10%.
    • SPDR Barclays Short Term High Yield Bond ETF (NYSEARCA:SJNK) - $0.1351. 30-Day Sec yield of 5.97%.
    • SPDR Blackstone / GSO Senior Loan ETF (NYSEARCA:SRLN) - $0.1504. 30-Day Sec yield of 3.73%.
    • SPDR Barclays Short Term Treasury ETF (NYSEARCA:SST) - $0.0236. 30-Day Sec yield of 1.12%.
    • 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, 11:59 AM
  • Mon, Nov. 21, 4:12 PM
    • It's a small deal, but Conduent (the business processing outsourcing company being spun off by Xerox) had to raise the interest rate and lower the amount it was borrowing after failing to attract enough buyers.
    • Compass Point's Charles  Peabody says this could be "the canary in the coal mine" for the junk bond market.
    • What's more, junk bond issuance from the largest three underwriters is down 21% this year, and - while the yield curve has been steepening of late - Peabody is spotting the "infancy stages" of a spread widening trade.
    • Source: Bloomberg
    • Relavent ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, FHY, MCI, KIO, ANGL, ARDC, VLT, CIF, AIF, MPV, MHY
    | Mon, Nov. 21, 4:12 PM | 2 Comments
  • Mon, Nov. 14, 8:40 AM
    • Roughly $2.61B was pulled from fixed income ETFs last week, according to FactSet. But it was all about corporate bond funds - the investment-grade LQD, and high-yield JNK and HYG - which together saw more than $5B in outflows.
    • Treasury ETFs saw sizable inflows despite also declining sharply in value. Leading the way in the government category was the TIPS ETF (NYSEARCA:TIP), which attracted $1.34B.
    | Mon, Nov. 14, 8:40 AM | 5 Comments
  • Fri, Nov. 4, 10:02 AM
    • Corporate high-yield funds had $4.1B in outflows in the week ended Nov. 2, according to Lipper. This compares to negligible outflows the previous week, but it's nevertheless four consecutive week of net exits.
    • Alongside general market weakness the past couple of weeks, the strong rally in high yield has begun to crack, with HYG down about 3% (though still up 5.4% YTD).
    • Investment-grade bond funds saw outflows of $2.5B last week vs. inflows of $1.7B the week before that.
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, FHY
    | Fri, Nov. 4, 10:02 AM | 8 Comments
  • Tue, Nov. 1, 1:17 PM
    • SPDR Barclays High Yield Bond ETF (NYSEARCA:JNK) - $0.1855. 30-Day Sec yield of 5.69%.
    • SPDR Barclays Long Term Corporate Bond ETF (NYSEARCA:LWC) - $0.1392. 30-Day Sec yield of 4.03%.
    • SPDR Barclays Mortgage Backed Bond ETF (NYSEARCA:MBG) - $0.0540. 30-Day Sec yield of 1.55%.
    • SPDR Barclays Short Term Corporate Bond ETF (NYSEARCA:SCPB) - $0.0417. 30-Day Sec yield of 1.53%.
    • SPDR Nuveen Barclays Short Term Municipal Bond ETF (NYSEARCA:SHM) - $0.0363. 30-Day Sec yield of 0.86%.
    • SPDR Barclays Short Term High Yield Bond ETF (NYSEARCA:SJNK) - $0.1359. 30-Day Sec yield of 5.41%.
    • SPDR Blackstone / GSO Senior Loan ETF (NYSEARCA:SRLN) - $0.1508. 30-Day Sec yield of 3.67%.
    • 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, 1:17 PM | 1 Comment
  • Wed, Oct. 5, 2:40 PM
    • Thanks in part to stabilizing oil prices, Moody's expects the one-year default rate for speculative-grade corporate debt to ease back to 4.5% by August of next year. The rate is currently 5.7%, and Moody's anticipates it rising to 6.4% by the start of 2017.
    • "Growth has remained warm enough, along with a rebound in commodity prices and good capital market access, to prevent energy and mining defaults from spreading broadly to speculative-grade companies in other sectors," says Moody's, noting energy companies have not only been able to raise cash with asset and debt sales, but also with equity issuance.
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, FHY
    | Wed, Oct. 5, 2:40 PM | 4 Comments
  • 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
  • Tue, Sep. 13, 2:30 PM
    • August's dip in the junk bond default rate looks like just a temporary blip in trend as $3.8B in defaults have already been announced this month (most by energy companies).
    • Fitch's Eric Rosenthal thinks energy defaults could come to 16-18% by year-end - and that's assuming oil doesn't fall back into the low-$40s or $30s. Crude is down 2.7% today to $45.04 per barrel.
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, FHY
    | Tue, Sep. 13, 2:30 PM | 2 Comments
  • Thu, Sep. 1, 3:05 PM
    • Excepting the post-recession years of 2003 and 2009, high-yield is having its best year on record, says Goldman Sachs, with the magnitude of the spread tightening since the February 11 bottom exceeding the team's expectations.
    • Said spread tightening is responsible for 51% of the sector's YTD return, while coupon income was good for 31%, and lower rate 18%.
    • Spreads are currently at 588 basis points - already below Goldman's year-end forecast - so it's likely coupon income will have to be responsible for any returns from here to the end of 2016. The risk to the bank's spread forecast is "strongly skewed" to the upside.
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, FHY
    | Thu, Sep. 1, 3:05 PM | 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
  • Tue, Aug. 9, 11:10 AM
    • The global default rate for bonds rated below investment-grade rose to 4.7% in July, according to Moody's. That's up from 4.6% in June and compares to the long-term default rate of 4.2%.
    • The year-to-date tally of default hit 102 after 11 defaults in July - the highest monthly amount since 2009.
    • Moody's expects the default rate to peak at 5.1% in November, before sliding back to 3.9% by next July. For the U.S., the junk bond default rate was 5.5% at July's end, up from 5.2% in June. It's expected to peak at 6.3% by year-end.
    • In no surprise, it's the commodity sectors leading the way, with a 10% default rate forecast for metals & mining, and 7.2% for oil & gas issuers over the coming year.
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, FHY
    | Tue, Aug. 9, 11:10 AM | 3 Comments
  • Mon, Aug. 1, 2:59 PM
    • SPDR Barclays Investment Grade Floating Rate ETF (NYSEARCA:FLRN) - $0.0270. 30-Day Sec yield of 1.01%.
    • SPDR Nuveen S&P High Yield Municipal Bond ETF (NYSEARCA:HYMB) - $0.1483. 30-Day Sec yield of 3.14%.
    • SPDR Nuveen Barclays New York Municipal Bond ETF (NYSEARCA:INY) - $0.0441. 30-Day Sec yield of 1.38%.
    • SPDR Barclays Intermediate Term Treasury ETF (NYSEARCA:ITE) - $0.0607. 30-Day Sec yield of 0.86%.
    • SPDR Barclays Intermediate Term Corporate Bond ETF (NYSEARCA:ITR) - $0.0763. 30-Day Sec yield of 2.17%.
    • SPDR Barclays High Yield Bond ETF (NYSEARCA:JNK) - $0.1884. 30-Day Sec yield of 6.19%.
    • 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, 2:59 PM
  • Fri, Jul. 22, 3:23 PM
    • High-yield has had a major rally this year, but investors are cooling their appetite for junky paper, writes Lisa Abramowicz. To wit: U.S. Xpress Enterprises scrapped a $320M offering earlier this week as investors demanded higher rates for the trucking company than it was willing to pay.
    • It was the first pulled high-yield deal in two months.
    • Alongside this year's rally is a growing speculative-grade default rate - calculated by Moody's at 5.4% this year vs. 2.1% a year ago. Most of this, of course, can be attributed to the commodity sector, particularly energy.
    • Things could go beyond oil and gas though. Noting weakening corporate earnings, a team from UBS has boosted its view of the odds of a U.S. recession, which would likely push that default rate even higher, thus making losers of many high-yield investment strategies.
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK
    | Fri, Jul. 22, 3:23 PM | 3 Comments
  • Tue, Jul. 19, 2:54 PM
    • For the month of June, the option-adjusted spread on the BAML High Yield Index widened to 621 bps from 597 bps. In the rally since, it tightened all the way to 542 bps.
    • By the fair value estimate of Fridson and team, high-yield was overvalued by 166 bps on June 30 - more than the one standard deviation (126 bps) by which they define extreme overvaluation. By July 15, it was a more staggering 245 bps - nearly two standard deviations from fair value.
    • Source: Amey Stone in Barron's
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY
    | Tue, Jul. 19, 2:54 PM | 10 Comments
  • Fri, Jul. 15, 3:28 PM
    • "They’re out there scrounging through the dumpster looking for yield,” says one strategist. "When you have artificially low rates, you force people to go out and look for things that they normally wouldn’t.”
    • High-yield mutual funds flew off the shelves this week, with $4.35B in deposits - the largest in more than four months. Looking at individual issues, a $375M bond sold by Valvoline drew $4.5B in orders, allowing the issuer to cut the yield on the offering by as much as 50 basis points.
    • With $12T of bonds globally offering a negative yield, what's an investor to do?
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, FHY, MCI, KIO
    | Fri, Jul. 15, 3:28 PM | 3 Comments
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