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Pioneer High Income Trust (PHT)

- NYSE
  • Mon, Aug. 17, 2:59 PM
    | Mon, Aug. 17, 2:59 PM | 66 Comments
  • Thu, Aug. 13, 3:06 PM
    • "If you think the equity market is heading for a spot of trouble here, the high-yield bond market is having a coronary," says David Rosenberg, noting average yields have jumped 120 basis points since June (while Treasury yields have tumbled), bringing spreads to 580 basis points - a level hit only twice in the last three years.
    • The move in spreads is the equivalent of a 9% correction in stocks, suggesting the S&P 500 should be at about 1,910 now, instead of 2,092. Either the S&P has some serious downside ahead, or spreads are going to have to come back in, says Rosie.
    • Much of the trouble in junk land can be traced to the crash in energy prices, and the spread widening this summer coincides with more than a $15 per barrel decline in the price of oil.
    • ETFs: HYG, JNK, HIX, HYLD, DHY, CRF, PHT, EAD, HYT, JQC, VV, USA, SCHX, CIK, DSU, HHY, SJB, ZF, NHS, PHF, ACP, FHY, MCI, VLT, KIO, ARDC, FEX, CIF, MHY, AIF, ANGL, PCF, DHG, JKD, MPV, EEH, IVH, HYLS, JSD, UJB, EQL, CJNK, IWL, GGM, QLTC, ERW, FWDD, ZLRG, SYE, SBUS
    | Thu, Aug. 13, 3:06 PM | 8 Comments
  • Wed, Aug. 12, 10:43 AM
    | Wed, Aug. 12, 10:43 AM | 4 Comments
  • Wed, Jul. 15, 1:38 PM
    • Both iShares' HYG and State Street's JNK saw their largest daily inflows on record this week, according to Bloomberg. This comes after nearly $4B in withdrawals over roughly the preceding year. Blame China and Greece, at least indirectly.
    • I’d bet it’s more technical,” say Goldman's Charles Himmelberg. “I bet there are enough fund managers who use it as a tool to make sure they’re tracking their benchmarks.”
    • In other words, with high-yield bond sales rare of late (partly thanks to global market jitters, courtesy of China and Greece), investors needing to get exposure to the paper turn to ETFs.
    • So more global jitters could lead to more inflows, or relative calm cold lead to a quick reversal for that $1B.
    • ETFs: HYG, JNK, HIX, HYLD, DHY, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, PHF, ACP, FHY, MCI, VLT, KIO, ARDC, CIF, MHY, AIF, ANGL, PCF, DHG, MPV, IVH, HYLS, JSD, UJB, CJNK, GGM, QLTC
    | Wed, Jul. 15, 1:38 PM | 5 Comments
  • Fri, Jun. 12, 3:12 PM
    • U.S. junk bond defaults rose to the highest level since October 2009 thanks to depressed prices for energy and metals. There were nine defaults in May, with the energy and mining industries accounting for all of them. For all Q2, those two industries have accounted for 93% of defaults.
    • The junk bond default rate of 2.3% in May was 20 basis points higher than April.
    • "Outside of energy, metals and mining, the fundamentals are strong, but the energy component of high yields has grown so fast, and lower commodity prices have really taken their toll,” says Fitch's Eric Rosenthal.
    • According to Lipper, investors pulled $2.56B from U.S. junk-bond funds in the past week, the largest weekly outflow this year. For their part, high-yield borrowers raised just $1.83B this week, the slowest pace this year.
    • Source: Bloomberg
    • ETFs: HYG, JNK, HIX, HYLD, DHY, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, PHF, ACP, FHY, MCI, VLT, KIO, ARDC, CIF, AIF, MHY, PCF, ANGL, DHG, MPV, IVH, HYLS, JSD, UJB, XOVR, GGM, QLTC
    | Fri, Jun. 12, 3:12 PM | 5 Comments
  • Oct. 10, 2012, 12:41 PM
    Not limited to mortgage REITs, panic grips another favorite of income investors, closed-end investment funds - notably those trading far above NAV for seemingly no other reason than their fat yield. The payouts on many of these are sustained by digging into capital rather than by earning a return on it. PGP -7.5%, PHK -7.8%, PHT -5.5%.
    | Oct. 10, 2012, 12:41 PM | 8 Comments
  • Oct. 8, 2012, 3:25 PM
    Blinded by fat yields, investors continue to bid closed-end funds far higher than their NAVs. 66% of taxable and 73% of muni-bond funds trade above NAV now, compared to just 30% a year ago, with often the funds with the highest distributions having the highest premiums. "We believe that an excessive premium for the fund is not likely to be sustainable," says Gabelli of one of its funds. Are investors listening?
    | Oct. 8, 2012, 3:25 PM | 35 Comments
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Company Description
At least 80% of its assets are invested in below investment grade debt securities, loans and preferred stocks. These securities are rated Ba/BB or lower or are unrated. Junk bonds are generally considered speculative. The investment objective is a high lev