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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| City Merchants High Yield Trust Limited | CMHY | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 0.00 | 0.00% | 199.00 | 01:00:00 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 199.00 | 199.00 |
| Top Posts |
|---|
Posted at 28/12/2018 10:22 by kiwi2007 Investors flee risky US corporate debtHigh-yield bonds and loans on course for worst month since 2011 as outflows swell Joe Rennison and Nicole Bullock in New York 5 HOURS AGO Print this page0 US investors have pulled back sharply from the riskiest corners of the debt markets, putting junk bonds and loans on course for their worst month since August 2011, when the market was reeling from a downgrade of the US government’s credit rating. The broad sell-off comes alongside a downturn in US equities that reflects gathering concerns about the global economy, but unlike in equities there has been little sign of a rebound in investor confidence since Christmas. The credit premium on high-yield bonds — that is, the extra yield being demanded compared to risk-free Treasuries — has jumped by 1.1 per cent since the start of December, according to an index from ICE Data Services. That is the biggest rise in more than seven years, sending the yield on the index above 8 per cent. Meanwhile, the average price of leveraged loans — that is, loans to risky borrowers such as companies taken private in leveraged buyouts — has fallen 3.1 per cent this month to just below 94 cents on the dollar, according to an index run by S&P Global and the LSTA. That is also the biggest one-month move since August 2011, when the US government lost its triple-A credit rating. The volatile market conditions have kept US companies from issuing any high-yield bonds in December. Falling oil prices have also punished the market, since energy companies make up a large proportion of borrowers. “The market just continues to weaken,” said John Dixon, a high-yield bond trader at Clearview Trading Advisors. “There is a lot of year-end selling. Oil is down. It’s a broad-based sell-off.” Investors pulled $4bn from funds invested in US junk bonds for the week to December 26, the seventh straight week of withdrawals and the largest weekly outflow since the beginning of October. Loan funds also saw large outflows. Investors took out $3.4bn, making it the sixth straight week of withdrawals, according to the data from EPFR Global. “With so much negative sentiment toward anything that is perceived as a risk-on asset, cyclical or credit-oriented areas have been sold off,” said Matthew Bartolini, head of Americas research for State Street SPDR exchange traded funds. “Investors are rotating out of risky sectors and moving into perceived safe havens.” Junk bond risk premia continued to rise, and loan prices continued to fall on Thursday, even as the US equity market enjoyed a second day of gains. The equity market has trimmed its losses for December to 9.8 per cent, but investors remain wary about tightening financial conditions and the potential ramifications of the trade dispute between the US and China for global growth. EPFR data showed US equity fund outflows of $6.4bn in the week ended Wednesday, slightly more than the previous week but much less than the $28bn recorded earlier in December. |
Posted at 29/1/2016 14:37 by kiwi2007 Interesting but bearish article on high yield:High yield bond bears: flee to the hills Kadhim Shubber Author alerts | Jan 26 13:08 One stereotype of equity investors is that they stay seated and calm long after bond investors have hit the fire alarm and exited the building. It is perhaps a little unfair today, given that everyone is panicking. But two bearish high yield credit strategy notes this week suggest that evacuating one building may not be enough and that it’s perhaps time to flee the entire city and head for the hills.......lots more @ |
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