Junk Bonds
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Mark Okada, Highland Capital, explains how a reduction in the Fed's bond-buying program could produce a flight to junk bonds among investors.
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NEW YORK, Feb 27- There may be no such thing as a sure bet on Wall Street, but junk bonds have come pretty close over the past four years. A widely followed measure of the sector, the Bank of America/ Merrill Lynch High Yield Master II Index, hit an all-time high last month and sits just a smidgen below that record.
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Cliff Corso, CEO & CIO of Cutwater Asset Management, provides perspective on the state of the U.S. economy, and discusses where he found value in the "bums of bonds," those sectors of the market that have been unduly beaten up.
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Some of the world's most sophisticated credit investors have been ramping up their bets against junk bonds even as retail investors have been pouring money into the asset class. These investors began paring their junk-bond holdings during late 2012. The Financial Times reports.
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Robert Levitt, Founder & CEO, Levitt Capital Management says bonds are the pain trade currently and that stocks will go up. He says junk bonds are the most vulnerable right now.
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*Moody's affirms Hungary rating at Ba1, outlook negative. BUDAPEST, Feb 9- Moody's said it was keeping its' junk' rating of Ba1 on Hungary's debt and maintaining a negative outlook, blaming the country's weak growth outlook.
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WASHINGTON, Feb 7- An extended period of low interest rates could create risks to financial stability, and policymakers should keep an eye on junk bond and leveraged loan markets for signs of excess risk-taking, a top Federal Reserve official said on Thursday.
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CNBC's David Faber reports Virgin Media is tapping the junk bond market to help fund its deal with Liberty Global.
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SINGAPORE/ HONG KONG, Jan 22- Yield-chasing investors, whose hunger for income powered a long rally in Asian junk-rated bonds, are finally feeling the first symptoms of indigestion after a year-long binge.
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Yield-chasing investors, whose hunger for income powered a long rally in Asian junk-rated bonds, are finally feeling the first symptoms of indigestion after a year-long binge.
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SINGAPORE/ HONG KONG, Jan 22- Yield-chasing investors, whose hunger for income powered a long rally in Asian junk-rated bonds, are finally feeling the first symptoms of indigestion after a year-long binge.
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CNBC's David Faber talks with Kyle Bass, Hayman Capital Management, about his critical view of the Japanese yen; and explains why he is now investing in subprime bonds. (9:50)
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NEW YORK, Jan 16- The amount of sovereign and corporate credit on the cusp of being downgraded to junk status more than quadrupled in 2012, due primarily to an erosion in the credit quality of the world's banking sector, Standard& Poor's data showed on Wednesday. The United States and Europe had the most entities in danger, each with 15 issuers.
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CNBC's Gary Kaminsky talks about whether or not there's a bond bubble.
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"It's still too early to call a bear market in bonds," said Garth Friesen, AVM/III Associates, weighing in on the outlook on bonds after a 30-year bull run.
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*Moody's set $5 bln debt reduction target in Aug. But Moody's cut the steelmaker's credit to junk status in November anyway, though Steve Oman, Moody's lead analyst for EMEA steel corporates, said the agency was then aware of ArcelorMittal's latest cash-raising efforts. Now Moody's says ArcelorMittal needs to cut more to avoid a further drop.
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*Credit at junk rating with S&P, Moody's, Fitch. *Moody's says no immediate impact, demands more. BRUSSELS, Jan 9- ArcelorMittal SA, the world's largest steelmaker, will issue $3.5 billion of shares and convertible notes to sharply reduce the heavy debts that led to a cut in its credit rating to "junk" status.
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BRUSSELS, Jan 9- ArcelorMittal, the world's largest steelmaker, will issue $3.5 billion of shares and convertible notes to sharply reduce a heavy debt level that has led to a cut in its credit rating to junk status.
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*ArcelorMittal credit at junk rating with S&P, Moody's. BRUSSELS, Jan 9- ArcelorMittal, the world's largest steelmaker, will issue $3.5 billion issue of shares and convertible notes to sharply reduce a heavy debt level that has led to a cut in its credit rating to junk status.
