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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.

kmis-adjusted-eps-vs-estimates-2-1
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.

Asian
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.

sP-500-1
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.

RECENT Income RESEARCH

2013.01.22 - Frac Spread Historicals
An in-depth look at the mechanics of fractionation spreads and how they affect MLPs

A look at how to calculate frac spreads, a measure of the difference between nat gas and NGL prices.

2013.01.23 - LTM NGL Prices
NGL fractionation spreads down slightly last week, bearish for gas processors

Last week’s nat gas and NGL price movements ultimately resulted in fractionation spreads being down slightly.

BAML HY Jan 23
High yield market continues to climb since year start

The high yield bond market has returned 1.6% year-to-date. Aided by strong fund flows, the secondary market has climbed significantly.

HY 118
High yield continues new year's momentum

High yield fund flows continued strong last week, fueling a strong issuance for the week.

2013.01.21 - Distribution Schedule for Targa
Incentive distribution rights (IDRs) and how they affect income from MLP investments

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.

2013.01.21 - MLPs by Industry Type
Master limited partnership (MLP) basics

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…

2013.01.21 - Dividend Yield MLP Stocks
Why the current capital markets environment is positive for MLP growth

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).

ois spread
Debt market rallies as LIBOR-OIS falls to pre-US downgrade levels

The OID spread, considered a gauge of banking sector health, has fallen to pre-US downgrade levels

Lev loan 111
Leveraged loan market demand starts 2013 on a high note

Fund lows increased significantly last week, returning to the high levels observed in November and December

high yield market jan 14
High yield market off to a strong start in 2013

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…

lev loan market 2012
Timid start for the loan market, though fund flows remain solid

Fund flows maintained a solid pace even after the holidays, setting up the high yield market for a strong Q1.

S&P-LSTA Index
Loan returns won't repeat, but loan ETFs can help diversify

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…

LSTA BAML SP500 Indices
Loans and bonds finish 2012 with equity-like returns

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,…

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

HY BAML 17
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.

Alerian MLP vs. BBB High Yield Spreads
Why MLPs provide excellent risk-reward for investors

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…

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

flex
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

Cov-lite
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

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