Bonds Analysis & Opinion

Covenant Quality is terrible but is it a long-term trend or skewed because of one month's data?It’s never been better to be a high-yield issuer or high-yield investor. According to...

Let's have a look at a long-term perspective on Treasury yields as of Friday's close. The chart below shows the 10-Year Constant Maturity yield since 1962 along with the Federal Funds Rate (FFR) and...

Milliman, an actuarial and consulting firm headquartered in Seattle, has completed a white paper on corporate pension funding based on its 17th annual analysis of the disclosures of the...

Not feeling terribly inspired right now, so I’ll just share with you a couple of positions I’ve got focused on bond funds. The first of these is the high-yield bond fund iShares iBoxx $...

10-Year Note Non-Commercial Speculator Positions: Large speculators sharply lowered their bullish net positions in the 10-Year Note futures markets this week for a second consecutive week, according...

The latest round of COT futures positioning data confirms a very interesting pattern that we have observed over the past year. There has been a massive swing in speculative futures positioning from...

We closely follow the bond insurers because they remain an important part of the municipal market, and they are integral to our Insured Puerto Rico Strategy.Cumberland exited all uninsured Puerto Rico...

One of the key indicators we track in our bond strategy analysis is global sovereign bond-market breadth. This simply captures the proportion of global government bond yields that are trending up/down...

Emerging market bonds have come under pressure along with the rest of the bond market as a sort of Taper 2.0 has hit the market [ECB moving toward taper, BoJ already effectively doing a stealth taper,...

10-Year Note Non-Commercial Speculator Positions: Large speculators decreased their bullish net positions in the 10-Year Note futures markets this week, according to the latest Commitment of Traders...

Last month, the Federal Reserve raised its benchmark interest rate for the second time this year. It was the fourth quarter-point bump since interest rates were slashed to near zero in response to the...

Only a quick article at the moment. This is longer than a tweet-length answer, but didn’t need to be super long.A friend sent me the link to the following article from the FT: “Will UK...

Three things the technical setup is telling us about the benchmark 10-year Treasury yield: The Momentum low of the correction after last year’s advance from 1.32% (7/06/16) to 2.64% (12/16/16)...

Note: We've updated this commentary with data through today's market close.Let's take a closer look at recent activity in US Treasuries. The yield on the 10-year note ended the day at 2.22% and the...