Portafogli e Strategie (investimento) Dal Flight to Quality all'HY: nove mesi "after-Lehman", is debt back ? (vol. V)

[joint]

Ciao Joint benvenuto e grazie per i complimenti, che "giro" ai tanti che fanno qui un lavoro "da alveare", ognuno intento operosamente a seguire qualche vicenda fra le tante dell'obbligazionario...

Per i titoli HY, se ti è capitato di leggere il 3D dall'inizio, avrai forse visto che a lungo si è cercata una possibile correlazione inversa fra l'equity e l'HY (ossia i bond speculativi, a basso rating e a cedola elevata) che in altri cicli del credito è stata indicativa di periodi prolungati di stabilità nei prezzi di questa asset class.

Finora, non la si è trovata, nel senso che la ripresa dei prezzi di bond HY, partita con i telefonici speculativi a febbraio 2009, si è sempre mossa in parallelo con l'equity: l'equity non ha avuto storni significativi, se non pause fisiologiche di alleggerimento, l'HY è sempre salito, portando avanti prima i titoli di emittenti con maggiori possibilità di non fare default, poi mano a mano anche molti altri più rischio (come peraltro succede anche nell'equity...).

Questo mancato sganciamento dell'HY dall'equity - secondo me - implica grossi timori circa il fatto che anche che al primo storno davvero consistente dell'equity, l'HY segua stornando in misura analoga.

In altri termini, mentre in passato i cicli di stabilità dei bond HY avevano una durata nell'ordine di alcuni anni (l'ultimo, partito a fine 2003, si è esaurito a luglio 2007), questo potrebbe essere un ciclo breve, e anche il l'HY potrebbe stornare con altrettanta forza dell'equity.

Ora, considera che non tutto il corporate è HY, o speculativo... c'è anche il corporate IG, o investment grade ... quest'ultimo sarà più sensibile all'andamento dei tassi (e relative aspettative) e quindi come asset class ci si attende una stabilità molto superiore rispetto a quella del corporate HY.

Per esso è poi normale una correlazione inversa rispetto all'andamento dell'equity, e questa dovrebbe evidenziarsi almeno per le fasce di corporate a rating superiore (A- o più elevato) e per i settori o i sottosettori difensivi (utilities, telecom, oil&gas, defence)...

Grazie della risposta Mark ampia e completa ,per me ricca di spunti e riflessioni

 

[Imark]

Segnalo nella settimana appena conclusa un generalizzato arretramento dei titoli del comparto, che ha lasciato intatte solo le emissioni che - in quanto "coperte" dalla provvista di liquidità fatta dagli emittenti nei mesi scorsi - sembrano oggi meno rischiose.

Hanno fatto peggio i titoli "distressed" ed i comparti merceologici più ciclici, nonché gli emittenti il cui business è concentrato in paesi il cui "rischio sovrano" è percepito come in crescita.

La cosa è particolarmente significativa in quanto invece per l'azionario questa è stata una settimana di rimbalzo dei corsi.

La particolare consistenza del fenomeno va segnalata, in quanto molto probabilmente (come già in passato) è indicativa di ulteriori movimenti ribassisti...

Chi avesse da portare a casa gain di una certa consistenza fatti acquistando robaccia a prezzi stracciati, oppure saltando sulle prime "nuove emissioni" HY dell'estate 2009, farebbe meglio a valutare con attenzione il da farsi...

 

[Imark]

Qui un bell'articolo di inquadramento del WSJ online segnala un cambiamento di direzione di marcia sull'HY, con gli investitori che hanno ritirato nella settimana appena conclusasi capitali per 1 mld $ dai fondi obbligazionari specializzati nell'HY, il ritiro più consistente in una singola settimana dal 2004 ad oggi.

L'indice Merrill Lynch Master II High Yield Index, che funge da riferimento per l'HY USA segnando l'ampiezza dello spread fra HY e TdS USA, sembra aver segnato un minimo l'11 gennaio scorso a quota 599, e si è riportato adesso a quota 693, ad indicare un premio medio richiesto dal mercato del 6,93% per detenere bond HY piuttosto che Treasuries di scadenza raffrontabile. Rammento che il Merrill Lynch Master II High Yield fa riferimento ad un dato medio che tiene conto di tutte le categorie di bond HY, incluse le classi più speculative (quelle comprese fra il rating "C" ed il rating "CCC+").

L'inflow di capitali nell'HY USA nel 2009 era stato massiccio, pari a 32 mld $.

Si incomincia ad assistere ad alcuni ritiri di nuove emissioni obbligazionarie da parte degli emittenti più speculativi (che, sul mercato USA, sono a rating molto più basso che in Europa).

• FEBRUARY 12, 2010, 2:44 P.M. ET

Fund Investors Back Away From High-Yield Debt

NEW YORK—Investors last week pulled nearly $1 billion out of mutual funds focused on high-yield debt, further weakening the junk-bond market. It was the largest single-week outflow since May 2004.

Including exchange-traded funds, high-yield mutual funds recorded $984 million of outflows in the week ended Wednesday, according to Lipper FMI. It was the second week of net outflows in the past three weeks, but much larger than the $57 million decline recorded two weeks ago, which ended a run of 22 consecutive weeks of net inflows.

Funds recorded net declines in assets in only five weeks during all of last year. The influx of cash from yield-hungry investors—$32 billion in 2009, Lipper said—helped spur record amounts of new bond issuance and propelled the junk bond market to a 57.4% return on the year.

That situation has clearly changed. The high-yield market has been in a slump for a month, with risk premiums widening to 693 basis points as of late Thursday, according to the Merrill Lynch Master II High Yield Index. That means investors demaned an extra 6.93 percentage points of yield to own junk bonds rather than risk-free Treasurys with comparable maturities.

That is almost a full percentage point more than the premium required on Jan. 11, when it was 599 basis points. Wider premiums usually mean higher yields—and lower bond prices, since prices move inversely to yield. On Wednesday, year-to-date total returns on high-yield bonds turned negative for the first time in 2010.

At a time when credit markets have also watched nervously as Greece struggles with its debt burden, market participants say that mutual fund investors have cashed out, locking in gains on some lower-rated notes in particular and putting pressure on the broader market.

"The market timers all came in this week and bailed on the mutual funds," said Andrew Feltus, portfolio manager at the Pioneer Global High Yield Fund.

The weakness has also hampered the new-issue market, after the week started with a large block of new issuance, including a $2 billion note sale from GMAC Inc.

But after a $750 million bond sale from Freescale Semiconductor met with a tepid response and traded below issue price in the secondary market, issuers grew cautious. ITC DeltaCom Inc. said on Wednesday that it had withdrawn a $325 million note offering due to market conditions, and Kemet Corp. on Thursday said it had pulled a scheduled $275 million high-yield bond offering, also citing market conditions.

Other issues remain on the docket, including a $1 billion sale by Bombardier Inc. slated for Friday. Some market participants said Bombardier is a comparatively strong company that appears to be a good candidate to get a deal done despite this week's weakness.

Several fund managers said they view the current high-yield downturn as a healthy correction after junk bonds appeared to have rallied too far in the face of lingering economic concerns.

"The market had no right to rally beyond 600 [basis points above Treasurys]," said Greg Hopper, high yield fund manager at Artio Global Investors. "So it rallied there and then backed off. Otherwise it would have risked becoming dangerously overvalued."

 

[Imark]

E intanto Moody's comincia a fare i conti sulla marea montante di debito corporate in scadenza nei prossimi anni. In USA si tratta di 1,355 trilioni di $ di qui al 2014, dei quali 805 mld $ sono in debito HY, leveraged loans bancari e finanziamenti "revolving" per la gran parte (555 mld $) e bonds (250 mld $).

Il debito bancario è frutto della stagione delle cartolarizzazioni, visto che nell'ultimo anno, a fronte di una impennata delle emissioni di bond HY, si è assistito ad un collasso dei leveraged loans, il che pone rischi non da poco in quanto, ad un eventuale ritorno di forti movimenti di flight to quality che portino a fasi di accesso limitato degli emittenti speculativi al mercato obbligazionario, si assisterebbe con ogni probabilità a vendite diffuse sul mercato secondario... come fonte di finanziamento, i leveraged loans collateralizzati erano infatti certamente una source più stabile.

La gestibilità delle scadenze sul debito corporate speculativo dipenderà in gran parte, secondo Moody's, dalla consistenza della ripresa economica negli anni a venire, tenendo in considerazione che la gran parte del debito HY in scadenza, circa 700 mld $, maturerà nel periodo 2012-2014.

Moody's sees junk risk in $1.4 trln refinance wave


NEW YORK, Feb 1 (Reuters) - U.S. junk-rated borrowers, holding the bulk of $1.355 trillion in corporate debt maturing in the next five years, may face refinancing challenges if the U.S. economy stumbles, Moody's Investors Service said in a report on Monday.

Most of the debt stems from unprecedented leveraged buyout activity leading up to 2007, before the global credit crisis took hold, the rating company said, noting mega deals from TXU, HCA, First Data, Univision and Freescale.

While debt coming due in the next two years won't pose a great risk, the biggest chunk of speculative-rated debt, some $700 billion worth, comes due between 2012 and 2014.

"If the economic recovery continues to have legs, these maturities should be very manageable, but that's a big if," Kevin Cassidy, senior credit officer in New York, told Reuters. "The risk is if things don't return to normal, there are some big maturities in the later years, which could cause trouble for lower-rated issuers."

About $550 billion of investment-grade corporate bonds are maturing over the next five years, compared to $805 billion for speculative issuers, including $555 billion in bank loans and revolvers and $250 billion of bonds.

"The punchline of this report is the near-term maturities are not that bad," Cassidy said. "What's to be concerned about is the debt coming due after 2012."

For factbox on issue, please click on [ID:nN01192246].

High-yield default rates peaked at 13.8 percent in November 2009 and are expected to fall to 3.6 percent by December 2010, the report said.
Texas Competitive Electric Holdings Co LLC has $24 billion of high-yield debt coming due in the next five years, followed by HCA Inc and Ford Motor Co with $15 billion each, making up the top three issuers in terms of debt maturities, Moody's said.

SPECULATIVE APPETITE

While collateralized loan obligations helped the market absorb debt during the LBO boom, CLO issuance has dried up since that market was decimated by fallout from the Lehman Brothers bankruptcy.

Whether the market avoids being overwhelmed by the debt onslaught will depend on the strength of the U.S. economy, prevailing interest rates and the credit market's appetite for speculative-grade debt, the agency said.
A rally in the high-yield bond market last year helped ease refinancing risk for some issuers. As healing credit markets boosted investors' tolerance for risk, demand for those junk bonds surged last year, fueling a record $145 billion of bond sales, Moody's data showed.

But leveraged loan issuance fell significantly over the past two years, and it is uncertain whether the high-yield bond market can continue to fill the financing void left by the banks, Moody's said.

Among investment-grade corporate bonds, Moody's said debt rated Baa3, the lowest investment-grade rating, pose the highest refunding risk. For tables of the top ten Baa3-rated bonds set to mature, click [ID:N01192246]

Adding to junk market supply, about 40 former investment-grade companies with more than $80 billion of debt were downgraded to junk status during the recession of the last two years. Among the largest "fallen angels" were Weyerhaeuser, J.C. Penney, Sprint Nextel, Masco and Harrah's Entertainment.

If the economy and the high-yield bond and leveraged loan markets continue to recover, it is possible refinancing needs could be met, Moody's said. Over the past 10 years, issuance of junk-rated bonds and loans has averaged about $485 billion a year, which would be sufficient to absorb peak refunding needs of $338 billion in 2014, Moody's said.

However, the state of the economy remains fragile, and issuers could face rising financing costs, especially as the volume of maturing debt grows, the agency said.

(Reporting by Dena Aubin and Walden Siew; Editing by Andrew Hay)

 

[cangiante]

grazie Mark!

 

[Imark]

grazie Mark!

Per così poco... sarei quasi tentato di aprire il nuovo 3D... aspetto ancora un attimo...

Credo che confermerò il "Sunset Boulevard: the indian summer of the debt" ...

 

[Imark]

Nel mentre, fatto il picco del default rate, si continua a scendere... in circostanze normali, investire in titoli HY ancora per qualche tempo implicherebbe un livello di rischio accettabile. C'è tuttavia da valutare se quelle correnti siano circostanze normali, almeno rispetto agli scenari dell'ultimo ventennio.

In ogni caso, la discesa del default rate segna per l'HY europeo un 9,6% a gennaio contro un 10,3% di dicembre 2009. Per l'Hy considerato globalmente, si scende dal 13% al 12,5%, mentre per quello USA si passa dal 13,9% al 13,6%.

I target a 12 mesi per lo scenario base sono rispettivamente al 2,5% (Europa), 3,4% (USA) e 3% (Global), sebbene, nell'ipotesi di scenario pessimistico, si postula un possibile calo solo fino al 7,1% (Global) in caso di nuovo allargamento degli spread dovuto a fenomeni di flight to quality e/o di debolezza della crescita economica rispetto alle stime correnti.

Moody's: Default rate falls for the second consecutive month

New York, February 09, 2010 -- The European speculative-grade default rate fell from a revised 10.3% in December 2009 to 9.6% in January 2010, said Moody's Investors Service in its monthly default report. A year ago, the rate stood at 2.5%.

Similarly, the global speculative-grade default rate declined to 12.5% in January, down from December's revised level of 13.0%. A year ago, the global default rate stood at only 5.3%.The ratings agency's default rate forecasting model now predicts that the global speculative-grade default rate will decline sharply to 3.0% by January 2011.

"This baseline forecast assumes an ongoing economic recovery and stable credit spreads through 2010. Under a more pessimistic scenario, where the economic recovery falters and credit spreads widen, the default rate is forecast to decline to 7.1% a year from now," said Kenneth Emery, Moody's Director of Default Research.

Among European speculative-grade issuers, the default rate is expected to come in at 2.5% a year from now and for U.S. speculative-grade issuers, Moody's forecasting model foresees the default rate falling to 3.4% in January 2011.

"Moody's forecasting model has performed quite well in this cycle, especially relative to other models and commentators. In January 2009, when the default rate stood at 4.4%, the baseline forecast was for a 15% default rate at year-end 2009—compared to the 13% that materialized. And as far back as January 2009, Moody's model signalled the default rate would peak in November 2009 and be followed by substantial declines in 2010," added Emery.

Measured on a dollar volume basis, the European speculative-grade bond default rate declined from 8.9% in December to 8.3% in January. At this time last year, the European speculative-grade bond default rate stood at 1.2%.

In the U.S., the dollar-weighted speculative-grade bond default rate ended at 16.3% in January 2010, down from 16.5% in December 2009. The comparable rate was 7.0% in January 2009.

Moody's speculative-grade corporate distress index -- which measures the percentage of rated issuers that have debt trading at distressed levels -- fell from 19.3% in December 2009 to 15.8% in January 2010. A year ago, the index was much higher at 52.8%.

In the leveraged loan market, four Moody's-rated loan issuers defaulted in January, all from North America. The trailing 12-month U.S. leveraged loan default rate fell from a revised 11.9% in December to 11.4% in January. A year ago, the loan default rate was 4.3%.

Across industries over the coming year, default rates are expected to be highest in the Business Service sector in Europe and in the Consumer Transportation sector in the U.S.

Moody's "January Default Report" is now available -- as are Moody's other default research reports -- in the Ratings Analytics section of Moodys.com.

 

[negusneg]

Intanto c'è un picco nel ritiro di emissioni annunciate (fra cui Snai e Bombardier), ma secondo diversi commentatori dovrebbe essere un fenomeno isolato collegato alla crisi greca.

In soldoni: gli emittenti non vogliono pagare interessi troppo cari per ora, ma dovranno cumunque ripresentarsi in forze sul mercato viste le esigenze di finanziamento che hanno.

Companies Pull Most Bond Sales Since ‘07 Crisis: Credit Markets By Bryan Keogh


Feb. 16 (Bloomberg) -- Companies are pulling bond sales at the fastest pace since the credit markets seized up 2 1/2 years ago on concern that the inability of European governments to trim their budget deficits will threaten a global recovery.
At least 16 borrowers including Montreal-based airplane maker Bombardier Inc. and Italian betting company Snai SpA have postponed or withdrawn $7.3 billion of debt sales over the past month, according to data compiled by Bloomberg. That’s the most since more than 50 were canceled in the months after financial markets began to freeze in July 2007.
The extra yield investors demand to hold high-risk company bonds rather than the safest government debt has jumped almost 1 percentage point since Jan. 11, the biggest increase since March, according to Bank of America Merrill Lynch’s Global High- Yield Index. European finance ministers are meeting in Brussels amid mounting pressure to explain what steps they’ll take to help Greece reduce its swelling fiscal shortfall.
“Investors are concerned about Greece and the broader economy much more than they were a couple of months back,” said Jonathan Moore, an analyst at Evolution Securities Ltd. in London. “They understandably want to charge more, and most companies aren’t willing to pay that price.”

Spreads Widen

Spreads on high-yield, or junk, bonds soared 95 basis points since Jan. 11 to 713 yesterday, while the average extra yield on investment-grade debt widened 12 basis points to 171, or 1.71 percentage points, Merrill Lynch index data show.
High-yield bonds are ranked below Baa3 by Moody’s Investors Service and BBB- by Standard & Poor’s. Markets in the U.S. were closed for the Presidents Day Holiday yesterday and much of Asia was shut for Chinese New Year.
Elsewhere in credit markets, Spain is planning to sell benchmark bonds in euros, according to a banker involved in the transaction. It hired banks to manage a 15-year debt issue, said the banker, who declined to be identified before the deal is completed.
The cost to protect against a default by the emirate of Dubai held near the highest level since March today. It soared yesterday on concern investors will recoup less than anticipated in a $22 billion debt restructuring.
Credit-default swaps linked to the Mideast nation’s debt were at 647.5 basis points, according to CMA DataVision, meaning it costs $647,500 a year to insure $10 million of bonds for five years. The contracts rose to 651.5 yesterday, the highest since March 20, CMA prices show.

Dubai World

Dubai and Dubai World, the state-owned company that owes the money, haven’t made an offer to creditors on a plan to restructure the debt, a spokeswoman for the Department of Finance said yesterday. That follows a report by Zawya Dow Jones on Feb. 14 that Dubai World may offer creditors 60 cents on the dollar after seven years to settle the debt.
Credit-default swaps on corporate bonds in Europe rose to a two-month high today, signaling a deterioration in investor perceptions of credit quality.
Contracts on the Markit iTraxx Crossover Index of 50 companies with mostly high-yield credit ratings climbed 9 basis points to 516, the highest since Dec. 2, JPMorgan Chase & Co. prices show. The Markit iTraxx Financial Index of default swaps tied to 25 banks and insurers increased 2.25 basis points to 107.5, according to JPMorgan.
Credit swaps on Barclays Plc fell after the U.K.’s second- largest bank said its second-half profit more than doubled, lifted by investment banking and the sale of a fund management unit.

Barclays Results

Contracts tied to the London-based lender’s bonds dropped 2.5 basis points to 116, according to CMA prices. Barclays’s net income for the six months to Dec. 31 rose to 7.5 billion pounds ($11.8 billion) from 2.66 billion pounds in the year-earlier period, according to Bloomberg calculations based on full-year results posted today.
Credit-default swaps pay the buyer face value in exchange for the underlying securities or the cash equivalent should a company or country fail to adhere to its debt agreements. A basis point is 0.01 percentage point and on a credit-default swap contract protecting 10 million euros of debt for five years is equivalent to 1,000 euros a year.
Fitch Ratings said that European leveraged buyouts, high- risk deals that were used to finance acquisitions before the credit crisis, face a wave of defaults by 2013 when the bulk of the debt used to finance the takeovers comes due.
Debt payments for the companies will surge to an average 48 billion euros ($65 billion) annually between 2013 and 2016, from 6.5 billion euros this year, Fitch said yesterday.

On the Sidelines

Borrowers are increasingly sitting on the sidelines rather than risking selling bonds before the debt crisis affecting Greece and other south European countries is resolved. Sales slowed to $28.1 billion last week, 54 percent below the average over the previous 12 months, Bloomberg data show.
“Our sense is that there is a growing backlog of corporate bond issuance awaiting announcement when conditions are steadier,” Charles Stephens, a debt capital markets specialist at Matrix Corporate Capital LLP in London, wrote in a note to clients yesterday. “There’s a heavy refinancing schedule for the corporate sector in the period 2010-12, and the pressure to execute deals will intensify.”

Bombardier Pulled

Bombardier, the world’s third-largest commercial airplane maker, delayed a $1 billion offering of eight- and 10-year notes after investors demanded a higher yield than the company had anticipated, according to people familiar with the matter.
Bombardier marketed the sale from Feb. 8 to Feb. 11, and investors asked the company to pay a yield of about 8 percent to 8.25 percent, said the people, who declined to be identified.
Snai, Italy’s second-largest gaming and betting company, pulled a sale of junk bonds citing “market conditions” and a legal dispute with Bridgepoint Capital Ltd. Porcari, Italy-based Snai planned to raise 350 million euros through bonds to repay a 250 million-euro loan, refinance overdrafts and pay for government concessions, according to S&P.
Songa Offshore SE, the Norwegian owner of drilling rigs, postponed a $200 million sale of seven-year notes on Feb. 11, according to a person familiar with the transaction, who declined to be identified because the deal is private. The Oslo, Norway-based company may return to the market in March with a larger offer, the person said.

‘Unfavorable Conditions’

Kemet Corp., the Simpsonville, South Carolina-based maker of capacitors that are used to make electronic circuits, said on Feb. 11 it delayed a $275 million offering “as a result of unfavorable market conditions.” RCS & RDS SA, a Romanian telephone company, postponed a $200 million sale of seven-year bonds Feb. 12, according to a person with knowledge of the transaction.
Energy Transfer Equity LP, Regent Seven Seas Cruises UK Ltd, New World Resources NV, ITC^Deltacom Inc., Bank of India and BES Investimento do Brasil have also postponed or canceled planned bond sales this year.
“I see issuers waiting on the sidelines, hoping this is temporary, and will come back to the market when the tone improves,” said Kevin Mathews, head of high-yield portfolios at F&C Investments in London.
Credit-default swaps on Greek government bonds have soared to a record on concern the country won’t be able to rein in its deficit, which has grown to almost 13 percent of gross domestic product. Market turmoil has extended to Spain and Portugal, which are also struggling with holes in their budgets.

Greek Swaps Record

Contracts on Greece rose 15.5 basis points to 370 today, after climbing to an all-time high of 428 on Feb. 4, according to CMA prices. Portugal dropped 1.5 basis points to 191, Italy tightened 1.5 to 128.5 and credit swaps on Spain fell 2.5 basis points to 137, CMA prices show.
“If problems in Greece, Portugal and Spain continue, the uncertainty will lead to higher borrowing costs and weigh on sentiment, both of which will affect issuance” in the corporate market, said Vivek Tawadey, head of credit strategy at BNP Paribas in London.
Terra Boligkreditt AS, an unrated Norwegian financial company, will start meeting debt investors today for a potential bond issue, according to a banker with knowledge of the matter.
Enel SpA is selling Italy’s biggest cross-border issue of company bonds targeted at individual investors. Italy’s largest utility, in which the government owns a 30 percent stake, plans to sell as much as 3 billion euros of debt to savers in France, Germany, Belgium and Luxembourg, as well as to Italians, it said in a filing Feb. 10.
Rome-based Enel is rated A2 by Moody’s, its sixth-highest investment-grade ranking, and one level lower at A- by S&P. The company is offering interest of 65 basis points to 125 basis points more than benchmark rates, according to the filing.

Vestas Bond

Vestas Wind Systems A/S, the world’s biggest maker of wind turbines which is unrated and based in Copenhagen, said it may sell bonds for the first time after meeting with fixed-income investors last week.
Italian utility Acea SpA hired banks to sell as much as 500 million euros of 10-year bonds. Acea, rated A or five levels above junk by S&P, is planning to meet with investors at the end of this month after the company’s board approves the deal, a banker familiar with the matter said.

To contact the reporter on this story: Bryan Keogh in London at [email protected]
Last Updated: February 16, 2010 05:53 EST

 

[Imark]

Intanto c'è un picco nel ritiro di emissioni annunciate (fra cui Snai e Bombardier), ma secondo diversi commentatori dovrebbe essere un fenomeno isolato collegato alla crisi greca.

In soldoni: gli emittenti non vogliono pagare interessi troppo cari per ora, ma dovranno cumunque ripresentarsi in forze sul mercato viste le esigenze di finanziamento che hanno.

...

Un profilo che hai fatto bene ad enfatizzare, caro Negus... in un contesto in cui il debito degli emittenti HY dovrà essere crescentemente rifinanziato sul mercato obbligazionario, visto che le banche con i leveraged loans tirano i remi in barca per le difficoltà nel collateralizzare i relativi crediti e "ripartire il rischio sul mercato", si è in balia anche di eventuali movimenti di flight to quality che generino fasi di chiusura del mercato primario ai bond HY o di forte risalita sui rendimenti...

 

[EUGE]

Qui un bell'articolo di inquadramento del WSJ online segnala un cambiamento di direzione di marcia sull'HY, con gli investitori che hanno ritirato nella settimana appena conclusasi capitali per 1 mld $ dai fondi obbligazionari specializzati nell'HY, il ritiro più consistente in una singola settimana dal 2004 ad oggi.

...

perbacco, la prossima volta cercherò di dar meno nell'occhio

sempre complimenti per il bel thread e ancora grazie per le ponderate valutazioni