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Dave Fry's Market Comments For January 5

Mon, 05 Jan 2009 23:35:00 GMT

MARKET COMMENT January 5, 2009 Part 1 Part 2 Color today, sloppy. Volume is still on the light side as investors may be slow to return to work. Breadth was positive even with negative headline numbers. Despite all notifications of ridiculously poor mathematical calculations Yahoo/Finance still can’t seem to get things right as you’ll note below.[More...]

Value Idea: Junk Bonds

Sun, 30 Nov 2008 18:30:00 GMT

There is more deep value in debt instruments than equities. Debt at these yields will give you more than adequate returns with a good margin of safety than equities. In the pecking order of bankruptcies, corporate bonds, even high yield, come before the equity holders. Some consider equities to be the butt of the investing world, as they rank at the bottom of every body else. In this post I want to focus on Junk or high yield bonds, a more politically correct term after the Drexel fiasco in the 1980s. Junk bond values reached a historic peak (measured by the narrowness of the spread between junk yields and Treasury bond yields) in June 2007, when they bottomed out at 268 basis points over Treasuries. In the past six months,[More...]

Yield To Dividends

Thu, 24 Jul 2008 13:47:00 GMT

Back from Key West thirty six hours late, thanks to Delta. I had the opportunity to read lots of financial clutter in paradise - a tedious task the Keys made pleasant. Between the Mohitos,fresh fish and other assorted culinary delights, I navigated a conclusion that earning a nice yield (assuming a stable dollar, more reasonable fuel cost expectations and other commodity cost stabilization) with ETFs and stocks that are less thrilling than the double shorts and other eclectic plays should be just fine for Mr. and Ms. Investor. And perhaps for more sophisticated investors such as yourself.The following ETFs are higher yielding securities that one may consider to fulfill this theme:HYG -iShares iBoxx $ High Yield Corporate Bond at 8.06% priced at $93.63IPE -SPDR Barclays CapiTIPS at 5.41% priced at $51.35LAG -SPDR Lehman Aggressive Bond at 4.87% priced at $52.78SDY -SPDR S&P Dividend at 4.63% priced[More...]

Junk Bonds: A Rickety Recovery

Thu, 09 Jul 2009 14:51:00 GMT

It could be partly the summer heat, but investors' appetite for risk has begun to shrink since a more sober outlook on the pace of economic recovery has taken hold in recent weeks.
And that could put the recent recovery of the high-yield debt market on hold.
In a July 7 report, Standard & Poor's Global Fixed Income Research said that the narrowing of the yield spread between high-yield corporate bonds and U.S. Treasury bonds of comparable maturity is likely to take a breather while investors await signals from economic data and second-quarter earnings that will either reignite or discourage demand for speculative-grade debt.

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iShares iBoxx High Yield ETF to Rebalance in Accordance With Index Changes

Wed, 01 Jul 2009 21:48:00 GMT

Barclays Global Investors, N.A. (BGI), the world's largest Exchange Traded Funds (ETFs) provider1, announced today that Markit Group recently announced changes to the methodology of the iBoxx® $ Liquid High Yield Index.
Barclays Global Fund Advisors (BGFA) intends to continue to manage the iShares iBoxx $ High Yield Corporate Bond Fund (NYSEArca:HYG) so as to continue to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of the U.S. dollar high yield corporate bond market as defined by the iBoxx® $ Liquid High Yield Index.
The index methodology change takes effect at the index's June 30, 2009 rebalancing, and is expected to be completed over a six-month period.

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iShares iBoxx High Yield ETF to Be Managed in Accordance With Index Changes

Tue, 23 Jun 2009 17:48:00 GMT

Barclays Global Investors, N.A. (BGI), the world's largest Exchange Traded Funds (ETFs) provider(1), announced today that Markit Group has announced changes to the iBoxx(R) $ Liquid High Yield Index.
Barclays Global Fund Advisors (BGFA) intends to continue to manage the iShares iBoxx $ High Yield Corporate Bond Fund (NYSE Arca: HYG) so as to seek investment results that correspond generally to the price and yield performance, before fees and expenses, of the U.S. dollar denominated high yield corporate bond market as defined by the iBoxx(R) $ Liquid High Yield Index.
"During and subsequently to the index transition period, we expect the iShares iBoxx $ High Yield Corporate Bond Fund to continue to provide liquidity and tight bid/ask spreads."

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