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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.
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Country: United States
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| 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| Mon, Jun. 2, 2:19 PM | Comment!
Wed, May. 28, 11:53 AM
- The iShares Interest Rate Hedged Corporate Bond ETF (LQDH) is an active ETF which will invest primarily in the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) while mitigating the fund's interest rate risk exposure.
- The iShares Interest Rate Hedged High Yield Bond ETF (HYGH) is an active ETF which will invest primarily in the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) while mitigating the fund's interest rate risk exposure.
- Two target maturity date ETFs will also launch on the 29th: the iSharesBond Dec 2016 Corporate Term ETF (IBDF) and the iSharesBond Dec 2018 Corporate Term ETF (IBDH).
- Other high yield corporate bond ETFs: JNK, HYLD, SJB, HYHG, ANGL, HYLS, UJB, XOVR, THHY, QLTC
- Other corporate bond ETFs: CORP, CFT, QLTA, IGHG, COBO, IGS, CBND, IGU, QLTB
- Other target date corporate bond ETFs: BSCE, BSCF, BSCH, BSCG, BSCI, IBCE, IBCB, BSCK, IBCC, IBDC, BSCJ, BSCM, IBCD, IBDA, IBDB, BSCL, IBDD
Fri, May. 23, 2:31 PM
- Among the incongruent signs: Small-caps usually move in tandem with high-yield prices, but while the Russell 2000 is off 3.8% YTD, junk bonds are ahead 4.4%. Another is top-rated junk bonds outperforming lower-rated paper - the lowest rank assets usually outperform when there's an optimistic outlook on the economy.
- "Not entirely consistent" with a "risk-on" market, says the team. "Given these factors, as well as low volatility, we think hedging credit risk is both cheap and a sensible strategy in this environment.”
- ETFs: HYG, JNK, HYLD, SJB, HYHG, ANGL, HYLS, UJB, XOVR, THHY, QLTC
Fri, May. 23, 7:36 AM
- The selloff in BDCs is a buying opportunity, writes BDC reporter, noting the opportunity today to invest in a basket of BDCs (using BDCS as a proxy) at an 11% higher yield than just three months ago. The sector is yielding 43% more than high yield bonds (HYG) and nearly double floating rate loans (BKLN).
- The higher yield, of course, reflects market concern distributions are set to fall (and BKCC and MCGC cut in Q1), but for the sector as a whole, distributions have been fairly stable over the last three years. Further, a number of players are under-leveraged or in growth phase, and occasionally have realized gains which are paid out as special distributions.
- Keep this list around, says BDC Reporter, musing on those who may boost payouts over the next year: ACAS, ARCC, ACRE, ACSF, CPTA, FDUS, FSFR, FULL, HCAP, HTGC, MAIN, MVC, TAXI, PSEC, TCPC, TSLX
- ETFs: BDCL, BDCS, BIZD
Wed, May. 21, 12:01 PM
- No longer "way overvalued," junk bonds are "way, way overvalued," says Martin Fridson, estimating fair value of the BAML high-yield index at 570 points over Treasurys vs. the current level of just 376 basis points.
- He says high-yield has been in extremely overvalued territory for seven straight months, the longest streak in history. "Investors are accepting excessively small compensation for credit risk, so desperate are they to boost their yields. High-yield portfolio managers are not unaware of the inadequacy of spreads, but are willing to skate on thin ice on the assumption that the Fed is committed to rescuing them if anything goes wrong."
- GMP Securities' Adrian Miller, meanwhile, is in agreement on overvaluation, but says - more or less - you've got to dance while the music's playing. A "repricing event," says Miller is not on the near-term radar.
- ETFs: HYG, JNK, HYLD, HYS, SJNK, PHB, BSJF, SJB, BSJE, HYHG, BSJG, BSJI, ANGL, HYLS, UJB, BSJH, XOVR, THHY, SHYG, QLTC, BSJK, HYZD, HYND, BSJJ
Mon, May. 12, 12:50 PM
- The average junk bond yield of 5.18% is higher than the all-time low of 4.93% hit exactly one year ago, but valuations may be even richer now, says Citi.
- First off, Treasury yields are higher today, meaning spreads are narrower than they were last year. Secondly, current yields have been sustained at these low levels for a much longer period of time than last year. Citi also notes May has been a seasonally weak period for high-yield ever since the financial crisis.
- "Will elevated valuations and the calendar turning to May cause the bears to come out of hiding," asks Citi. "To be honest, it’s been very difficult being a bear in this market. The relentless Treasury rally has caught us by surprise."
- ETFs: HYG, JNK, HYLD, HYS, SJNK, PHB, SJB, HYHG, ANGL, HYLS, UJB, XOVR, THHY, YPRO, QLTC, SHYG, HYND, HYZD
Thu, May. 1, 2:21 PM| Thu, May. 1, 2:21 PM | Comment!
Mon, Apr. 28, 12:27 PM
- The quest for yield as it relates to the bidding up in junk bond prices will end in tears, says JPMorgan strategists, but not until at least next year. Defying the bears, high yield prices continue are heading higher this year, and - putting its finger in the wind - Barclays late last week lifted its full-year return forecast to 5.5-6% from 3.5%.
- The team takes note of the spread to Treasurys - it's fallen to 345 basis points, already below the firm target of 350. "Although some of the incremental risk-taking could cause some challenges in the medium to long term, we do not see cause for concern in 2014 and believe high yield will continue to be well supported."
- The shorts? The volume of borrowed shares on BlackRock's HYG soared to an all-time high of $3.6B at the end of last month. For State Street's JNK, short bets neared $1.3B, also a record.
- ETFs: HYG, JNK, HYLD, HYS, SJNK, PHB, SJB, HYHG, ANGL, HYLS, UJB, XOVR, THHY, QLTC, SHYG, YPRO, HYND, HYZD
Fri, Apr. 25, 12:59 PM
- The junk-bond market may be a bit frothy at the moment, but the real risk for high-yield paper is not a quick uptick in defaults, says Fitch, but instead that interest rates in general move higher. Interest rate volatility has been dormant thus far this year, but Fitch - looking back almost exactly one year - reminds about how quickly it can return.
- As for credit: "Fitch recognizes the currently high issuance volumes and historically low yields in the leveraged finance space. However, in the view of Fitch’s Corporates team, we do not see a great deal of breakdown in credit discipline despite diminishing returns." The team also notes that while deal volume has picked up, it remains smaller than that of 2006-07 LBO boom, and the size, volume, and quality of today's transactions are "collectively less risky" than those of the previous cycle.
- ETFs: HYG, JNK, HYLD, HYS, SJNK, PHB, SJB, HYHG, ANGL, HYLS, UJB, XOVR, THHY, SHYG, YPRO, QLTC, HYND, HYZD
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