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HYG

iShares iBoxx $ High Yield Corporate Bond ETF

6/18/2013, 7:37 PM ET

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Tuesday, June 18, 10:42 AM Panicky fixed-income investors have sent implied volatility through the roof on normally quiet bond funds like the High Yield Corporate Fund (HYG) and the Investment Grade Corporate Bond Fund (LQD). It could spell opportunity as large price declines in many bond funds have overwhelmed the actual drop in NAV. 1 Comment [Financials]
Saturday, June 15, 11:36 PM UBS thinks it may be 1994 all over again. Some similarities: The Fed's actions to reflate the economy post-2008 resemble the easy money policies that were put in place post-S&L crisis; current "lackluster" economic growth mirrors "mini-cycles"of '90-'93; 290 bps plunge in Treasury yields from '07-'12 reminiscent of 400 bps decline from '90-'94; downtrend in CPI over the past five years resembles drop from early '90s to '94. UBS' advice: Avoid "popular convergence trades" such as EM credit (EMB, EMLC), EU periphery sovereign debt (ITLT, ITLY), U.S. MBS (MBB,VMBS), and high yield (HYG, JNK). 2 Comments
Saturday, June 15, 9:55 AM More than half of bond ETFs saw price price declines greater than their drop in NAV last month, according to Morningstar. The MUB's 3.1% fall compares to a 1.3% dip in NAV - not peanuts considering the fund's 2.8% annual yield. Similar patterns were seen in other muni funds like CXA and ITM as well as in junk bond ETFs like HYG, but was not evident in TIPS (TIP) trackers or broad fixed-income ETFs like AGG and BND. 2 Comments [Quick Ideas]
Tuesday, June 11, 12:49 PM Short interest in the SPDR High Yield Bond ETF (JNK) has skyrocketed along with its declining price, but one wonders how much of the move is a directional bet and how much is arbitrage-related. The iShares High Yield Fund (HYG) has seen a rise in short intrest as well, but not on as great of a scale. 1 Comment
Friday, June 7, 10:43 AM Treasury prices are sharply lower, but high yield (HYG +0.6%) is enjoying a nice bounce after a rough few weeks. The move is translating into higher prices for BDCs (BDCS +1.5%) - whose assets are somewhat comparable to junk debt. Leading: Prospect (PSEC +1.2%), Main Street (MAIN +2.2%), Triangle (TCAP +1%), MCG (MCGC +1.6%), American Capital (ACAS +1.7%), Fifth Street (FSC +1.1%), and Golub (GBDC +0.9%). As SA's Alberto Alfonso points out, American Capital - for one - can take advantage of recent declines to buy back even more shares at well below book value. 1 Comment [Financials, On the Move]
Wednesday, June 5, 3:04 PM More from Apollo Global (APO) at the Deutsche Bank conference: Leverage levels - whether by measuring LBO leverage, dividend recap issuance, or "covenant-lite" issuance - are approaching and even exceeding pre-financial crisis levels (see slide 13). Josh Harris was on the mic today, but his co-founder Leon Black is on record saying he's "selling everything not nailed down" and company managers just cashed in by offering 21.1M shares in a secondary. High-yield (HYG, JNK has been particularly hard-hit in the last month. Comment! [Financials]
Tuesday, June 4, 1:47 PM Stocks turn notably lower in afternoon trade, the S&P 500 (SPY -0.7%), the Nasdaq 100 (QQQ -0.6%), and the Dow (DIA) off triple digits. Interest rates were higher earlier, but falling equities have given Treasurys a renewed bid. Posting sizable gains earlier, junk bonds (HYG, JNK) have returned to flat on the session. Comment!
Monday, June 3, 1:53 PM iShares iBoxx $ High Yield Corporate Bond ETF (HYG) announces monthly distribution of $0.4790. 30-day SEC yield of 4.44% (as of 5/30/2013). For shareholders of record June 05. Payable June 07. Ex-div date June 03. 1 Comment [Dividends]
Saturday, June 1, 8:48 AM YTD junk bond issuance hits $254B globally, up 53% Y/Y. In the U.S., issuance is up 24% at $130.6B in the first five months of the year and some say the frothy market (see: 5% yield barrier broken) is ripe for a correction. In fact, data suggest cracks are already starting to show in the secondary market: investors pulled a combined $660M from HYG and JNK last week, as fears mount regarding the dreaded "taper". (Previously: Lousy month for high yield; anomalous high yield/ muni spread tightens) 1 Comment
Friday, May 31, 3:04 PM A nasty close is in store for a lousy month for high yield (HYG -1%) as it loses some appeal amid now-visible Treasury rates. The yield spread over Treasurys was nearly 500 bps a year ago, but just 400 now. Through yesterday, investors have pulled about $1.5B from HYG and JNK according to IndexUniverse. Not falling as far as the index funds and actually seeing inflows this month is AdvisorShares' actively-managed high yield ETF (HYLD). 1 Comment
Friday, May 24, 12:45 PM Multi-asset income ETFs are here to stay, writes Paul Britt, as Guggenheim's CVY crosses $1B in AUM. It's been around since 2006, but a new entrant, MDIV has pulled in $440M in less than a year. These income funds have no mandate in their search for yield and roam across dividends (DVY), high-yield (HYG), REITs (IYR, VNQ), and MLPs (AMJ) as necessary. One drawback is their somewhat high expense ratios - in the 60-80 bp range, compared, for example, to DVY at 40 bps. Other M-A ETFs: INKM, IYLD, GYLD, HGI. 2 Comments
Friday, May 24, 11:54 AM A bit of selling by investors in high-yield ETFs (HYG, JNK) has Wall Street banks stepping in - their holdings of junk paper rising 37% to $7.7B in the last 2 weeks. Also at work suggests JPMorgan's team is banks' - used to being cautious the past few years - becoming a little more comfortable with trading activity. Comment! [Financials]
Thursday, May 23, 10:12 AM The ProShares High Yield-Interest Rate Hedged ETF (HYHG) starts trading today joining the likes of HYLS and THHY. The fund will short Treasurys to offset its exposure to high-yield corporate debt and comes with an expense ratio of 0.50% - significantly lower than THHY (1.45%) and HYLS (1.19%). Comment!
Monday, May 20, 12:30 PM The hot market for corporate junk (HYG, JNK) has pushed the yield on high-yield corporates (4.88%) well below that of high-yield municipals (5.22% nominally, over 8% on a tax-equivalent basis). The nominal spread of 34 bps is down from 56 bps a week ago as investors take notice of the anomaly. High-yield muni ETFs: HYD, HYMB, XMPT. 4 Comments
Monday, May 20, 9:47 AM UBS' 5 "suspected" asset bubbles: 1) Risk-free rates - specifically Treasurys (TLT), Bunds (BUND, BUNL), JGBs (JGBL, JGBT, JGBD, JGBS) 2) Credit (HYG, JNK) 3) Real estate in Asia (WPS) 4) Certain EM equity markets (EIDO, IDXJ, EPHE, THD, EWW) 5) Australian banks (WBK, NABZY.PK, ANZBY.PK, CMWAY.PK). Comment!
Saturday, May 18, 9:15 AM Leon Cooperman and partner Steve Einhorn keep it simple: Stocks (VTI) are cheap relative to interest rates and inflation. The guy who bought T-bills (SHY) has migrated to T-bonds (TLT), the guy who bought T-bonds has moved to investment grade corporates (LQD), the guy who bought IG is now in high-yield (HYG, JNK), and so on (glasses clink in the FOMC board room). Their largest position is Sprint Nextel (S) - as fans of Masayoshi Son and long-time owners of DISH, the duo like seeing two industry titans both wanting the same asset. New Citigroup (C) management should be able to double ROE over the next 2-3 years, and Transocean (RIG) sells for a significant discount to asset value. 4 Comments [Quick Ideas]

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