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BofaML High Yield Master II Index

Asian Axis of Junk

By |2016-01-13T18:04:30-05:00January 13th, 2016|Bonds, Currencies, Economy, Federal Reserve/Monetary Policy, Markets|

You almost have to marvel at the resilience shown in leveraged loan pricing over the past nearly month. Prior to the Fed’s rate decision on December 16, the leveraged loan market, as with the rest of the junk bubble, was sinking fast and furiously. Since then, however, despite great financial turmoil all over the world, and even in the places [...]

PBOC Wastes No Time Proving Desperation

By |2016-01-11T12:28:30-05:00January 11th, 2016|Bonds, Commodities, Currencies, Economy, Federal Reserve/Monetary Policy, Markets, Stocks|

The PBOC wasted no time this week showing that it was serious about its desperation last week. The central bank fixed the CNY reference contrarily upward to 6.583 this morning from Friday’s 6.600. As we have been documenting during this unabated “dollar” problem, whenever the PBOC attempts a contrary maneuver with the fix it typically sets off enormous fireworks. Sure [...]

A Year In Junk

By |2015-12-31T17:36:29-05:00December 31st, 2015|Bonds, Economy, Federal Reserve/Monetary Policy, Markets|

The most important outbreak or story of 2015 had to have been the junk bond reversal. It combined all the major elements of what investors and economic agents are both fearing and, at one point in the past anyway, hoping. It is the confluence of finance, “dollars”, liquidity and economics with or without recovery and the best scenario. The FOMC [...]

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