High Yield

High Yield

  • Bonds

    US Bonds

    July 08, 2015 BY Chun Wang

    Net outflows continued as the cushion from credit spreads is still inadequate...So far risk contagion from the Puerto Rican bond default has not been an issue. Munis still look attractive relative to Treasuries, and investment grade Corporates...The improvement in credit markets and inflation expectations looks more shaky as oil prices broke below the recent tight range and uncertainty around Greece adds to the overall risk aversion. We reduced these bonds to Unfavorable.

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  • Bonds

    US Bonds

    February 06, 2015 BY Chun Wang

    The market is at a critical juncture with oil-related assets very oversold while equities are holding near all-time highs. We continue to recommend taking a more defensive stance for now.

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  • Bonds

    US Bonds

    January 08, 2015 BY Chun Wang

    U.S. Investment Grade Corporates: Reduced To Neutral, U.S. Municipal Bonds: Favorable, U.S. High Yield Corporate Bonds: Neutral

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  • Bonds

    US Bonds

    August 06, 2014 BY Chun Wang

    U.S. Investment Grade Corporate Bonds: Maintain Favorable.

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  • Bonds

    US Bond Market

    June 05, 2014 BY Chun Wang

    Although the overall picture remains favorable for high grade credits, the increased exposure to interest rates with an ever thinner spread cushion does concern us. We will monitor closely for potential downgrades.

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  • Bonds

    US Bonds

    April 07, 2014 BY Chun Wang

    High grade credit spreads were unchanged...Risk-on rally for high yield is getting to a mature stage...Tax advantage offered by munis make them attractive.

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  • Bonds

    US Bonds

    March 06, 2014 BY Chun Wang

    High grade credit spreads narrowed slightly, which served as a nice volatility dampener in the fast changing risk-on/risk-off environment.

     

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  • Bonds

    U.S. Bonds

    February 07, 2014 BY Chun Wang

    Given the higher volatility and increased risk aversion, high grade credits are attractive as the negative relationship between rates and credit spreads dampens the volatility of this asset class.

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  • Bonds

    US Bond Grades

    December 06, 2013 BY Chun Wang

    The renewed participation of credits in the risk asset rally is a welcome sign.

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  • Bonds

    US Bond Market - October 2013

    November 07, 2013 BY Chun Wang

    We are encouraged by the narrower spreads in October as the feared divergence between credits and equity markets did not continue.

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