RECENT Income RESEARCH
A look at how to calculate frac spreads, a measure of the difference between nat gas and NGL prices.
Last week’s nat gas and NGL price movements ultimately resulted in fractionation spreads being down slightly.
The high yield bond market has returned 1.6% year-to-date. Aided by strong fund flows, the secondary market has climbed significantly.
High yield fund flows continued strong last week, fueling a strong issuance for the week.
Many MLPs have an agreement between the General Partner and Limited Partners that determines how the total percentage of cash distributions will be allocated between the GP and LP unitholders. In some cases, there is a mechanism called the “incentive distribution right” or IDR that allows the GP to receive an incrementally larger percentage of distributions as the amount distributed increases.
This article is designed to provide a basic overview of master limited partnerships (MLPs). More detailed explanations will follow in further articles. A master limited partnership or “MLP” is a…
Currently, the capital markets are positioned to help fund MLPs’ growth, and this is constructive for the majority of MLP names such as Kinder Morgan Energy Partners (KMP), Enterprise Product Partners (EPD), Plains All American Pipeline (PAA), and MarkWest Energy (MWE).
The OID spread, considered a gauge of banking sector health, has fallen to pre-US downgrade levels
Fund lows increased significantly last week, returning to the high levels observed in November and December
The high yield market refers to the universe of corporate bonds rated below investment grade. Bonds with ratings BBB- and above are known as high grade or investment grade, and bonds with…
Fund flows maintained a solid pace even after the holidays, setting up the high yield market for a strong Q1.
The S&P/LSTA Leveraged Loan Index is one of the main benchmarks for the leveraged loan market. It tracks the performance of the loans over $50m with margins equal to or higher than…
The leveraged loan market is composed of all the Term Loan B loans rated BB+ or lower. Similarly, the high yield market is composed of all corporate bonds rated BB+ or lower. Unlike most high yield bonds,…
The high yield market had a 16% return in 2012, but changed market dynamics will prevent this from reoccurring in 2013
The high yield market had outstanding returns in 2012 that are unlikely to repeat in 2013 given different market dynamics.
Over the last 13 years, there has never been an occasion where master limited partnership (MLP) spreads have been this wide to BBB high yield corporate indices. Traditionally, investors have…
The minimal new issuance and continued fund outflows pose concerns for the high yield market
Continued fund outflows signal a lack of attractiveness in the high yield market
November has had more loan deals flexed up than flexed down, potentially signalling a slowdown
The share of cov-lite loan issuances has incresed in recent months, signaling a very strong loan market