DHY News and Press, Credit Suisse High Yield Bond Fund From 08/30/21

The option-adjusted-spread ((OAS)) on the investment grade or high-grade corporate bond index, is presently about 95-100 bps better than the equivalent Treasury. As of last Friday, August 27th, 2021, the BBB OAS was yielding about 104 bp’s over equivalent Treasuries, which shou...

The unprecedented demand for U.S. Treasuries at last week’s auction - even as the 10-year yield approached its 50-day moving average - speaks volumes. Yields did slip notably last Friday back below 1.3% (the day after the auction), closing below their 200-day moving average. Th...

2 things that always happen at or prior to the start of a boom-to-bust transition for the US economy. One is a clear-cut widening of credit spreads. The other is pronounced weakness in the Industrial Metals Index (GYX) relative to the gold price. There are many different credit-spread...

SCO is an ideal way to short oil as it trades 2x inverse with WTI futures. Global growth is downshifting while OPEC+ is ramping production. Call options on Bank of America provide a hedge if oil does not decline, as this scenario would involve higher US yields - supportive of net inte...

We review CEF market valuation and performance over the last week of July and highlight recent market events. July CEF returns were wrapped around zero in aggregate as higher NAVs were offset by wider discounts. We continue to favor funds in a number of higher-yielding niche secto...

GMI’s 10-year Sharpe ratio (SR) edged up for a fifth straight month to 0.86, the highest since January 2020, based on a rolling ten-year window via monthly data. Profiling GMI through a drawdown lens also reflects an extended stretch of low risk. GMI is useful as a baseline...

The projected risk premium for the Global Market held steady in July at an annualized 6.0%, unchanged from the previous month. Despite the recent bounce, GMI’s trailing 10-year performance remains well below the previous 8%-plus peak. No one really knows what risk premia wi...

Most of the major asset classes continued to rise in July, led by US real estate investment trusts (REITs). US equities continued trending higher. The bull run also persisted for the Global Market Index (GMI) in July. For further details see: Major Asset Classes: July 20...

The US high-yield index is almost $1.6 trillion, but it pales in comparison to a broader global multi-sector universe that tops $8 trillion. Ever-changing global economic and market conditions mean every category has the chance of being the best or worst performing in any given year. ...

We review CEF market valuation and performance over the penultimate week of July and highlight recent events. The CEF market had a brief dip early in the week which provided a dress rehearsal for a larger future drawdown and echoed some historical patterns. We continue to favor fu...