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Dale A. Norton

Dale accumulated extensive research experience in fixed income markets and emerging markets at his previous position on the Leveraged Finance team at a global investment bank. He focused primarily on investment research coverage to support leveraged finance transactions and emerging market capital raising. He was formerly a management consultant at a top firm, where he focused on financial institutions. Dale holds a Master's degree from the leading university in Cambridge, MA.

Disclosure: I am in full compliance with all ethics and other policies for Market Realist research analysts. I am not invested in securities that I cover on Market Realist.

More From Dale A. Norton

  • uploads///US High Yield Bond Fund Flows
    Financials

    Must-know: High yield fund flows regaining strength, time to dip back in?

    After several weeks of record outflows, investors start regaining trust Fund flows gauge where most investors are moving their money. While following this indicator assumes momentum strategies work, in weeks of high inflows, there will be a delay between the time when funds come in and when managers can invest them in assets, so they […]

    By Dale A. Norton
  • uploads///USD vs Brazil Real Real Weakening
    Financials

    Dump the MSCI Brazil Index (EWZ) for a hedged option, avoid the FX risk (Part 2)

    Continued from Part 1 The Brazilian real has depreciated over 10% since mid-May, and will likely just get worse The U.S. dollar is likely to strengthen into Q3 2013 for several reasons. The first reason is that the tapering consensus is that the Federal Reserve will start ramping down its bond buying program around September. This will […]

    By Dale A. Norton
  • uploads///US High Yield Bond Fund Flows
    Financials

    Pack your bags, the high yield party is over!

    The high yield market had its largest ever weekly outflow Fund flows are strong indicators of investor confidence and offer insight into changing views within the investor community. Whether it is sharp reversals or steady flows, the weekly flows are important to understand the weight investors assign to different market events and changing conditions. Last […]

    By Dale A. Norton
  • uploads///High Yield Bond Break Prices
    Financials

    Break prices confirming weakness in the bond high yield market

    The price at which bonds are breaking for trading in the secondary market shows a clear downtrend year to date. The price at which bonds are placed with initial investors is given by the original issue discount (OID) and sets the bond’s yield to maturity. The break price, on the other hand, refers to the […]

    By Dale A. Norton
  • uploads///US High Yield Bond Market Issuance
    Financials

    High yield issuance continues to increase, spike likely unsustainable

    The large high yield bond issuance was the second largest over the past two months and the highest in number of issuances  Weekly issuance can help gauge both the demand and supply of the high yield bond market. New bonds increase the supply available to investors in the secondary market and the demand given indicates […]

    By Dale A. Norton
  • uploads///High Yield Bonds vs Leveraged Loans Percentage
    Financials

    Why leveraged loans have followed high yield bonds (Part 1)

    If high duration drove the bond sell-off, why did loans follow suit? High yield bonds and leveraged loans are the two main asset classes composing the sub-investment grade called “fixed-income debt capital markets.” High yield bonds are defined as bonds rated below BBB-, and leveraged loans are those paying over L+125 basis points or rated […]

    By Dale A. Norton
  • uploads///HSBC Brazil Service PMI
    Financials

    Why the services sector in Brazil continues to expand, but slowly

    The Business Activity index (the key index for the Services PMI) remained unchanged, at 51.0. While Transport and Storage reported the fastest growth, the expansion was evenly mediocre across most of the sectors surveyed.

    By Dale A. Norton
  • uploads///Ben_Bernanke_official_portrait
    Financials

    Who will replace Bernanke as the next Fed Chairman? (Part 3)

    Continued from Part 2 Because Bernanke will step down, there’s great speculation on who will replace him So who is it likely to be the next Bernanke? The case for Summers Between the two, Summers certainly has more excitement building around him than Yellen. Summers also has Wall Street credibility—at least more so than Yellen. […]

    By Dale A. Norton
  • uploads///markus spiske TfJqbBA unsplash
    Financials

    The difference between High Yield Bond ETFs and Investment Grade Bond ETFs

    The corporate bond market is divided into two broad categories: the high grade market and the high yield market.

    By Dale A. Norton
  • uploads///jorge salvador yNKahybhg unsplash
    Financials

    The Difference between Corporate Bonds and Treasuries

    Bond investors should understand the difference between Corporate Bonds and Treasuries. Below is a list of the key differences between the two.

    By Dale A. Norton
  • uploads///US High Yield Bond Fund Flows
    Financials

    High yield bonds, the pain continues and will only get worse

    The fund flows for last week once again plummeted as investors remove cash from bonds ahead of the FOMC meeting. Fund flows are key in determining the sentiment of investors towards a given asset class. Weekly fund flows measure how much cash investors put into and remove from mutual funds focused on investing in high […]

    By Dale A. Norton
  • uploads///US High Yield Bond Fund Flows
    Financials

    High yield fund flows stumble, demand side may be getting weak

    High yield bond flows for last week posted the first outflow in five weeks, possibly signaling weak investor confidence Fund flows are the best indicator of investor demand in the high yield bond market. Naturally, an increase in investor demand is reflected in increased bond prices and lower yields. When demand falters, issuance is diminished […]

    By Dale A. Norton
  • uploads///US High Yield Bond Fund Flows
    Financials

    Downside potential in September for high-yield bonds

    The high yield market had what may have been its last strong week of the year The issuance volume for last week was a continuation of the strong issuance seen throughout July. It would be unusual, though, for this trend to continue into August. Volumes continue steady, flows rebound A total of 19 deals priced […]

    By Dale A. Norton
  • uploads///Corporate Bond Market BND vs LQD
    Financials

    Corporate bonds wrap up shy week ahead of FOMC

    Given the uncertainty but imminence of tapering, investors have significantly pulled back on their exposure to fixed income instruments.

    By Dale A. Norton
  • Financials

    Key factors that continue to affect emerging markets

    Emerging market struggle Aside from the rates hike as well as the effect in inflows and current accounts of emerging markets, there were other factors rooting against emerging markets. China’s slowdown and change of policy Then came the Q2 figure for China’s GDP, which had investors on edge about a hard landing. While the world […]

    By Dale A. Norton
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