Skip to content

High Yield

Jul 08 2015

US Bonds

  • Jul 8, 2015

Net outflows continued as the cushion from credit spreads is still inadequate...So far risk contagion from the Puerto Rican bond default has not been an issue. Munis still look attractive relative to Treasuries, and investment grade Corporates...The improvement in credit markets and inflation expectations looks more shaky as oil prices broke below the recent tight range and uncertainty around Greece adds to the overall risk aversion. We reduced these bonds to Unfavorable.

Feb 06 2015

US Bonds

  • Feb 6, 2015

The market is at a critical juncture with oil-related assets very oversold while equities are holding near all-time highs. We continue to recommend taking a more defensive stance for now.

Jan 08 2015

US Bonds

  • Jan 8, 2015

U.S. Investment Grade Corporates: Reduced To Neutral, U.S. Municipal Bonds: Favorable, U.S. High Yield Corporate Bonds: Neutral

Aug 06 2014

US Bonds

  • Aug 6, 2014

U.S. Investment Grade Corporate Bonds: Maintain Favorable.

Jun 05 2014

US Bond Market

  • Jun 5, 2014

Although the overall picture remains favorable for high grade credits, the increased exposure to interest rates with an ever thinner spread cushion does concern us. We will monitor closely for potential downgrades.

Apr 07 2014

US Bonds

  • Apr 7, 2014

High grade credit spreads were unchanged...Risk-on rally for high yield is getting to a mature stage...Tax advantage offered by munis make them attractive.

Mar 06 2014

US Bonds

  • Mar 6, 2014

High grade credit spreads narrowed slightly, which served as a nice volatility dampener in the fast changing risk-on/risk-off environment.


Feb 07 2014

U.S. Bonds

  • Feb 7, 2014

Given the higher volatility and increased risk aversion, high grade credits are attractive as the negative relationship between rates and credit spreads dampens the volatility of this asset class.

Dec 06 2013

US Bond Grades

  • Dec 6, 2013

The renewed participation of credits in the risk asset rally is a welcome sign.

Nov 07 2013

US Bond Market - October 2013

  • Nov 7, 2013

We are encouraged by the narrower spreads in October as the feared divergence between credits and equity markets did not continue.

Oct 08 2013

Our Position on U.S. Bonds

  • Oct 8, 2013

U.S. Investment Grade Corporate Bonds: Favorable, U.S. High Yield Corporate Bonds: Neutral, U.S. Municipal Bonds: Neutral

Sep 10 2013

U.S. High Yield Corporate Bonds: Maintain Neutral

  • Sep 10, 2013

On the positive side, the fundamental picture is still healthy for most U.S. high yield issuers, and defaults are expected to be low. On the negative side, weakening inflation expectations is a divergence that bears close monitoring. We will exercise patience and wait for a better entry point.

Aug 07 2013

U.S. High Yield Corporate Bonds: Maintain Neutral

  • Aug 7, 2013

Over the past few months we’ve seen the largest high yield bond fund outflow since 2000. We will exercise patience for now and wait for a better entry point.

Feb 05 2012

Looking Deeper Into The Tails Of Distribution

  • Feb 5, 2012

Leuthold’s Eric Weigel examines both positive and negative tail risk among asset classes over two time periods… the recent volatile era versus a preceding, not-as-volatile time period.

Oct 05 2009

Time To Take Some High Yield Bond Profits

  • Oct 5, 2009

High Yield bonds are still rated Attractive, but the spreads have narrowed significantly.

Oct 05 2008

High Yield Bonds: Start Accumulating

  • Oct 5, 2008

High Yield bonds have reached our attractive zone at yields of nearly 14%. To us, a gradual accumulation program makes sense.


Jun 04 2003

Better Than Bonds?…..Stocks That Yield More Than Ten Year Treasury Notes

  • Jun 4, 2003

Tax disadvantaged REITs might now compete with tax advantaged high yielding non-REITs. We provide a list from a screen identifying high yielding non-REIT stocks.

Jan 05 2003

Bond Market Summary

  • Jan 5, 2003

We believe it is still an opportune time to add to High Yield positions. The economy is improving and corporate profits are rebounding from depressed levels.