SuperValu Cruises past Analyst Expectations, Still Sinks

SuperValu (SVU) reported adjusted EPS of $0.46, beating the consensus by $0.10. Total sales from continuing operations stood at $3.8 billion—35% higher YoY.

Kinder Morgan’s 3Q17 Results Met Analysts' Expectations

Kinder Morgan reported its 3Q17 results on October 18, 2017. It reported an adjusted EPS of $0.15, which was in-line with analysts’ consensus estimates.

Pre-Market Report: Global Markets Are Stable on October 20

On October 20, the Shanghai Composite Index closed at 3,378.65 after rising 0.25%. The SPDR S&P China ETF (GXC) fell 1.7% on October 19, 2017.

Highs and Lows: Wall Street's Performance on October 19

After rising for five consecutive trading weeks, the S&P 500 started this week on a stronger note. It rose in the first three trading days of the week.


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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