Author Archives: Dave Flaherty

High Yield Morning Update

High yield volume continues to be light as many market participants attend the final day of the annual J.P. Morgan high yield conference in Florida, while other factors such as the lack of a calendar, Bernanke testimony, and sequestration are …

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High Yield Morning Update

The weakness in equities, especially into yesterday’s close, did not spill over in to high yield, as the market continues to trade with a firm tone. The high yield primary calendar has slowed significantly with only one deal coming yesterday, …

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High Yield Morning Update

Congress returns to session this week with sequester cuts as the top priority, and the focus of the market’s attention as we wind down the Q4 earning season. Fed chairman Bernanke will be speaking on Tuesday and Wednesday in front …

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High Yield Morning Update

The high yield market is opening flat this morning on very light volume headed in to the holiday weekend. Weekly fund flow data came in last night, showing less of an outflow that expected on strong flows in to actively …

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High Yield Morning Update

Outflows from index ETFs continue to outpace inflows to actively managed strategies, and the 10-year continues to trade above 2%, but high yield is trading with a firm tone this morning and has picked up momentum over the last couple …

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High Yield Morning Update

With the 10-year note trading above 2% again this morning, recent trends would suggest we’d see pressure on high yield bonds, but that has not been the case; at least not yet. Recently priced, sub-5% coupon deals continue to move …

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High Yield Morning Update

After trading with a heavy tone for the last couple weeks, the high yield market showed some signs of life yesterday, ending with a better bid for credit as ETF sell pressure eased and a few more buyers stepped in. …

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High Yield Morning Update

The recent trend of money leaving high yield funds is continuing to start the week as the index ETF’s are hitting the market with sell lists this morning, putting pressure on secondary levels. Cash levels across high-yield accounts remains higher …

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This Week in High Yield

High yield bonds yields continued to widen throughout the week as the 10-year note hovered around 2%, and flows out of the asset class accelerated, causing pressure on the secondary market. For the week, the yield on the Bank of America …

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High Yield Morning Update

The high yield market opened with a soft tone yesterday, but strengthened into the afternoon as some buyers stepped back in to the market selectively. Last night after the close, EPFR reported outflows of $1.19 billion from US high yield …

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