There are no Transcripts on HYG.
at MarketWatch.com (Jun 18, 2014)
at MarketWatch.com (May 14, 2014)
at MarketWatch.com (Apr 3, 2014)
at MarketWatch.com (Mar 13, 2014)
at MarketWatch.com (Mar 12, 2014)
at MarketWatch.com (Mar 11, 2014)
at MarketWatch.com (Mar 10, 2014)
at MarketWatch.com (Feb 3, 2014)
at MarketWatch.com (Jan 7, 2014)
at MarketWatch.com (Dec 20, 2013)
at MarketWatch.com (Jul 8, 2013)
at CNBC.com (Jun 25, 2013)
at MarketWatch.com (Jun 25, 2013)
at MarketWatch.com (Jun 24, 2013)
at MarketWatch.com (Jun 21, 2013)
at CNBC.com (Jun 17, 2013)
at CNBC.com (Jun 11, 2013)
at CNBC.com (Jun 5, 2013)
at CNBC.com (Jun 1, 2013)
at CNBC.com (Feb 7, 2013)
Fri, Aug. 15, 8:59 AM
- U.S. high-yield bond funds booked $680M of inflows in the week ended August 13, according to Lipper, their first weekly inflow in a month. A record $7.1B was pulled the prior week, and for the month ended August 6, a total of $12.6B was withdrawn.
- “When we saw these big outflows we were looking to buy stuff,” says one fund manager, though he notes the big withdrawal numbers did little damage to prices.
- Alongside the outflows has been a slowdown in borrowing, with leveraged-loan issuance of $9.7B and junk-bond sales of $2.9B this month, the lowest for the period since 201.
- ETFs: HYG, JNK, HYLD, HYS, SJNK, BSJF, SJB, BSJE, BSJG, HYHG, BSJI, ANGL, HYLS, UJB, BSJH, XOVR, THHY, WYDE, SHYG, QLTC, BSJK, HYGH, BSJJ, HYND, HYZD, TYTE
Mon, Aug. 11, 11:53 AM
- The average yield has jumped to 5.77% today from 4.85% on June 24, and Barron's Michael Aneiro notes the two most popular ETFs - JNK and HYG - briefly traded at up to 2% discounts to NAV last week, though these disappeared pretty quickly.
- Not disappearing - and in fact growing - are discount to NAVs in some high-yield closed-end funds, with many now trading at double-digit discounts. Among some of the larger funds, writes Aneiro, the BlackRock Corporate High Yield Fund (HYT +1.7%) trades at a 10.2% discount to NAV and the AllianceBernstein Global High Income Fund (AWF +0.8%) sells for a 9.9% discount. The Western Asset High Income Fund II (HIX +1.1%) offers a 2.7% discount.
- ETFs: HYG, JNK, HYLD, SJB, IHY, ANGL, HYLS, PGHY, HYXU, UJB, XOVR, QLTC, IJNK
Thu, Aug. 7, 1:17 PM
- The ProShares CDS North American HY Credit ETF (BATS:TYTE) and The ProShares Short CDS North American HY Credit ETF (BATS:WYDE) are the first U.S. ETFs to offer exposure to credit spreads exclusively.
- By investing in index-based credit default swaps (CDS), these funds gain pure exposure to changes in credit spreads.
- “TYTE and WYDE have a variety of uses in sophisticated portfolios,” said Michael L. Sapir, Chairman and CEO of ProShare Advisors LLC. “For instance, WYDE can be used to hedge against the credit risk in high yield bonds. With TYTE, investors can obtain exposure to the high yield bond market without the risk associated with rising interest rates.”
- ETFs that offer exposure to U.S. high yield corporate bonds: HYG, JNK, HYLD, HYS, SJNK, SJB, ANGL, HYLS, UJB, XOVR, QLTC, SHYG, HYND, HYZD
Tue, Aug. 5, 12:55 PM
- The high-yield market lost about 2% in July, with the average spread to Treasurys rising to 424 basis points from 353. Fridson's estimate of fair value is 467, meaning the overvaluation level has shrunk to just 43 bps from nearly 200 in late June.
- Also of note, says Fridson, is a "substantial improvement" in credit availability which is a key part of his fair value calculation. The Fed Survey of Senior Loan Officers shows a net easing of credit standards read of 21.3%, nearly double that of the previous print - "the most favorable credit environment since September 2011," says Fridson.
- ETFs: HYG, JNK, HYLD, HYS, SJNK, BSJF, SJB, BSJE, BSJG, HYHG, BSJI, ANGL, HYLS, UJB, BSJH, XOVR, THHY, QLTC, SHYG, BSJK, HYGH, BSJJ, HYND, HYZD
Fri, Aug. 1, 2:33 PM| Comment!
Fri, Aug. 1, 2:31 PM
- Investors searching for the exit in high-yield took the easiest path this week, pulling more than $1B from ETFs, according to Bloomberg. The result was yields surging to 5.7% from 5.3%, says Barclays, the biggest weekly increase since March 2012.
- Yesterday alone, investors pulled $578.9M from U.S. junk funds, with BlackRock's $11.8B (HYG -0.7%) seeing $362.8M of withdrawals.
- It was only little more than a month ago when junk yields fell to their all-time low of 4.83%.
- ETFs: HYG, JNK, HYLD, SJB, ANGL, HYLS, UJB, XOVR, QLTC
Fri, Jul. 25, 11:14 AM
- Withdrawals from high-yield funds accelerate, hitting about $4.8B this week, according to EPFR Global - that's the 3rd largest weekly outflow since June of 2013.
- Investment-grade funds, on the other hand, saw inflows of roughly $4.2B, their 31st consecutive week of inflows.
- Jim Reid's Deutshce notes high-yield has been struggling this month, but no signs of stress have emerged. Indeed, the high-yield issuance market remains open for business, with another $1.3B priced just yesterday.
- High-yield ETFs: HYG, JNK, HYLD, SJB, IHY, ANGL, HYLS, PGHY, HYXU, UJB, XOVR, QLTC, IJNK
- IG ETFs: LQD, CORP, CRED, PICB, IBND, QLTA, COBO, IGS, CBND, IGU, SUBD, QLTB
Tue, Jul. 15, 10:46 AM
- A combined $620M was pulled from the two largest high-yield ETFs (HYG, JNK) last week, making them the least popular in the fixed-income ETF universe during that period, according to data put together by Bloomberg.
- The move comes with yields on the BAML U.S. Index right around their record lows, and strategists suggest investors are cashing in some chips after a near straight-line rally over the past few months, if not years. While these ETFs are aimed at individual investors, they're increasingly being used by institutions to adjust exposure in a relatively low liquidity sector.
- ETFs: HYG, JNK, HYLD, HYS, SJNK, BSJF, SJB, BSJE, HYHG, BSJG, ANGL, BSJI, HYLS, UJB, BSJH, XOVR, THHY, QLTC, SHYG, BSJK, HYGH, HYND, HYZD, BSJJ
Tue, Jul. 8, 11:25 AM
- It definitely feels like investors are getting overexuberant, and you can stay in overexuberant conditions for a while,” says Key Private Bank's Fred Senft. "But when it turns it will turn quickly and it will turn very ugly.”
- First half high-yield corporate bond issuance of $331B blew away the already perky levels of the last three years (2013's was about $250B) as yields on the BAML Global High Yield Index plumb new record lows. Even Japan's notoriously risk-averse Government Pension Investment Fund is considering scrapping its practice of only buying investment-grade paper and venturing into junk.
- Senft's day of reckoning could be coming near, with junk-rated borrowers having $737B in debt needing to be refinanced or paid off in the next five years. "It's about as extreme as it gets," says Marty Fridson, who estimates spreads are about 200 basis points too tight.
- ETFs: HYG, JNK, HYLD, HYS, SJNK, BSJF, SJB, BSJE, HYHG, BSJG, ANGL, BSJI, HYLS, UJB, BSJH, XOVR, THHY, QLTC, SHYG, BSJK, HYND, HYGH, HYZD, BSJJ
Tue, Jul. 1, 11:31 AM| Comment!
Wed, Jun. 18, 3:28 PM
- Fuel cell companies had been quiet for a while but not today, as Plug Power (PLUG +18.8%) and Ballard Power (BLDP +15.8%) skyrocket amid speculation that declining volume and high short interest could be causing a short squeeze; others say the names have been trading at recent lows and may be catching a bid in response to the recent spike in solar stocks such as SolarCity.
- FuelCell Energy (FCEL +1.2%) continues to gain after obtaining a federal grant, as the U.S. government pushes hydrogen energy to become a reality.
- Also: ZBB +10.1%, HYG +0.4%, CPST -1.4%.
Tue, Jun. 17, 11:53 AM
- At just 4.94%, the yield on the BAML U.S. high-yield index slipped below its record-low level set 13 months ago, Maybe more importantly, underlying Treasury yields are about 75 basis points higher today than they were when the record was set in May 2013, meaning spreads are way narrower today - just 3.43% vs. 4.23% last year.
- The all-time low spread of 2.4% was set in June 2007, meaning there's plenty of room for junk yields to fall further as long as there's no upset in the Treasury market.
- Junk bonds have now gained 5.36% YTD, not bad for a class yielding just 5.67% at the start of 2014.
- ETFs: HYG, JNK, HYLD, SJB, HYHG, ANGL, HYLS, UJB, XOVR, THHY, QLTC, HYGH
Mon, Jun. 16, 1:29 PM
- High-yield debt funds raised their allocations to stocks to 3.2% at the end of March, up from 3.1% at the end of 2013 and just 2.1% one year earlier.
- JPMorgan suggests investors do more of the same: “We see credit as relatively over-owned and valued versus other risk assets,” says JPMorgan. “Investors are beginning to worry about how the eventual exit will fare in a world of reduced market making by banks.”
- The move comes as junk bond yields scrape record absolute lows, and on a relative basis, junk buyers are earning 346 basis points more than benchmark rates, the lowest since 2007 and 241 basis points less than the two-decade average. “We prefer to take more risk in equities and we now cut the size of our U.S. high-yield spread trade by one-third," says JPMorgan.
- ETFs: HYG, JNK, HYLD, HYS, SJNK, BSJF, SJB, BSJE, HYHG, BSJG, BSJI, ANGL, HYLS, UJB, XOVR, BSJH, THHY, SHYG, QLTC, BSJK, HYZD, HYND, HYGH, BSJJ
Tue, Jun. 10, 11:46 AM
- It was May 2013 when the yield on BAML's benchmark index slipped below 5% for the first time ever, after four months earlier falling below 6% for the first time ever. What happened next was a bear market in fixed income which sent yields on all instruments sharply higher.
- This year's big bull run for fixed-income has brought 5% back into play, with the yield on the BAML index sliding to 5.002% this morning. Junk bonds (HYG, JNK) have already delivered a return of 5.16% YTD, and now yield just 350 basis points more than comparable Treasurys.
- ETFs: HYG, JNK, HYLD, HYS, SJNK, SJB, HYHG, ANGL, HYLS, UJB, XOVR, THHY, SHYG, QLTC, HYGH, HYND, HYZD
Tue, Jun. 3, 3:39 PM
- Junk bonds may look overvalued - and BAML's gauge of their spread to Treasurys is the lowest since 2007 - but Moody's Liquidity Stress Index declined (a good thing) to 3.7% in May from 4% previously.
- There's a bit of Soros' reflexivity at work here as the Index performs well when the junk-bond market performs well, and both seemingly feed off of each other. Its record-low level of 2.8% was set last April and the record-high of 20.9% was set in March 2009.
- ETFs: HYG, JNK, HYLD, SJB, ANGL, HYLS, UJB, XOVR, QLTC
Mon, Jun. 2, 2:19 PM| Comment!
Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.
HYG vs. ETF Alternatives
The iShares iBoxx $ High Yield Corporate Bond Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the iBoxx $ Liquid High Yield Index, a corporate bond market index compiled by the International Index Company Limited.
See more details on sponsor's website
See more details on sponsor's website
Country: United States
Other News & PR