Costco Tops Fiscal 1Q18 Estimates

Costco Wholesale (COST) reported stronger-than-expected fiscal 1Q18 results, surpassing analysts’ expectations for both sales and EPS (earnings per share).

Pre-Market Report: Global Markets Are Weak on December 15

After a pullback on Thursday, the Shanghai Composite Index opened lower on December 15 and fell to five-week low price levels.

US Markets Had a Mixed Performance on December 14

The S&P 500 started this week on a stronger note. Despite a strong start, the market lost momentum as the week progressed and fell on Thursday.

Can Kohl’s Stock Pick Up Some Momentum?

Kohl’s (KSS) stock price has risen 1.8% on a YTD (year-to-date) basis as of December 12.


HY Market
Record issuance and returns for high yield market in 2012

The high yield market had a 16% return in 2012, but changed market dynamics will prevent this from reoccurring in 2013

Why 2013 high yield returns won't be as fruitful as in 2012

The high yield market had outstanding returns in 2012 that are unlikely to repeat in 2013 given different market dynamics.

HY issuance
High yield market loses steam over Thanksgiving

The minimal new issuance and continued fund outflows pose concerns for the high yield market

HY Market
High yield market may be losing attractiveness

Continued fund outflows signal a lack of attractiveness in the high yield market

Repricings at issuance indicate a weaker rally in leveraged loans

November has had more loan deals flexed up than flexed down, potentially signalling a slowdown

Riskier issuances on the rise as leveraged loans rally

The share of cov-lite loan issuances has incresed in recent months, signaling a very strong loan market

Lev market
Leveraged loan market rally remains strong

Despite the short week, leveraged loan issuances and fund flows remained relatived strong.

lev market thanksgiving
U.S. leveraged loan market rally plows through Thanksgiving

Leveraged loan issuance maintained a decent pace given the short week, with 13 deals pricing

second lien volume
Increased second lien activity confirms leveraged loan market rally

Second lien loan issuance has accelerated throughout the year, confirming strength in the loan market

HY Market
Bond yields still flat after hitting bottom in August

Bond yields have remained at the all time lows reached in August

Tradeoff between explicit and implied fees based on turnover

A high turnover rate in an ETF can cause trading costs that erode away any lower management fee savings

hy 1026
High yield market continues strong issuance, though fund flows dwindle

High yield market rally maintains momentum, but fund flows remain weak

Why PIK toggle bonds may be a warning sign for high yield bonds

The recent PIK bond issuances may be a sign of an overheated bond market

Callable Bond
HYG is trading at call, implying limited upside on price appreciation

HYG, the high yield bond ETF, is trading near the fund’s aggregate call price, implying limited upside

lev market 1026
Leveraged loan market continues strong issuance and fund flows

The leveraged loan market rally continues; loan terms getting overly aggressive

Issuance by purpose
Nature of new high yield issuance points to continued rally

The high yield market is on track to break the yearly issuance record, new issuances are mostly refinancings

HY Issuance as of Oct 19 2012
Gains for high yield ETFs supported market fundamentals

High yield ETFs, such as iBoxx $ High Yield Corporate Bond Fund (HYG) and SPDR Barclays Capital High Yield Bond ETF (JNK), have maintained an upward trend since the dip in early June.  While many…


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