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...Turkish sovereign dollar bonds maturing in March 2029 are at present trading with a yield of about 7.6 per cent....
...High-yield issuance has also accelerated, rising 64 per cent year-on-year to $62bn — the highest total in three years....
...Despite selling pressure from international investors worried about defaults, demand from Chinese buyers has pushed the average yield on debt in the iBoxx China LGFV high-yield dollar bond index down about...
...And yet: Passive bond funds have seen cumulative inflows of nearly $2.8tn since the beginning of 2007....
...This is an audio transcript of the Unhedged podcast episode: ‘High-yield bond bonanza’ [MUSIC PLAYING] Ethan WuCorporate bonds — debt issued by companies — they’re red-hot right now....
...EFPR Global data indicates that net fixed income fund inflows have now crossed the $100bn mark — and, luckily for all bond managers, active flows are outpacing passive ones so far in 2024....
...Last autumn, Treasury yields hit a 16-year high....
...Private investors have piled into UK government bonds this year to lock in attractive yields as the Bank of England has kept interest rates at a 16-year high....
...Investors poured record sums into high-yield bond exchange traded funds in November as investors rediscovered their appetite for risk....
...fund....
...However, the overwhelming bulk of the assets will be invested in an actively managed portfolio of bonds, much of it in relatively high-yielding bank loans, high-yield bonds and emerging markets debt, to...
...A record $1.2bn has flowed in to European-listed exchange traded funds investing in the region’s high-yield bonds this year to Thursday, according to BlackRock data....
...But if I showed you a bond that was win two, lose one, that’s a better bond! Markets adjust to that bond’s positive convexity, though, so you’d get paid less yield. But how much less yield?...
...High yield at a yield of 8 per cent looks even better… Credit spreads of 95 basis points in investment grade corporates and 325 bps on high yield are towards the tighter end of their long-term ranges, but...
...IFR reports that Morgan Stanley is currently marketing its Morgan Stanley Direct Lending Fund at the moment — eyeing a pricing next Tuesday — while Nuveen Churchill Direct Lending Corp is likely too list...
...“A fee skirmish broke out in high-yield index ETFs in July, when [Charles] Schwab entered the high-yield bond market at the same price as the lowest-cost high-yield bond ETF [State Street’s high-yield bond...
...Private pension funds constitute half of the UK institutional market and the rise in bond yields since the pandemic is now delivering a double whammy to managers’ revenues....
...PIKs have always been at the risky end of the high yield spectrum, and MainFT has tended to strike a cautious tone around pretty much any firm that issues them, quoting one banker calling them a “Hail Mary...
...High and volatile US treasury yields — which underpin pricing in financial markets — risk adding to global rate pressures....
...Unusually high temperatures have also hit production of coffee beans, providing another avenue for quant funds to profit....
...and transaction costs are high.”...
...Banks are unlikely to offer the same high yield on their savings accounts due to costs of intermediation. Direct debt sales to retail investors will therefore suck out funds from bank accounts....
...And high-tax payers will put it into general municipal bond funds....
...“We still really like high-yield corporates, but we also like BBB corporates,” Bianco said....
...Benchmark US and UK government bond yields are up 0.6 percentage points since the start of the year. Equivalent German Bund yields — the benchmark for the eurozone — are up 0.3 percentage points....
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