Q1 COMMENTARY April 2025 In the first quarter of 2025, the Bloomberg US Corporate High Yield Index ("Index") return was 1.00%, and the S&P 500 index return was -4.28% (including dividends reinvested). Over the period, while the 10 year Treasury yield decreased 36 basis points, the Index option adjusted spread ("OAS") widened 60 basis points [...]

January 2025 In the fourth quarter of 2024, the Bloomberg US Corporate High Yield Index ("Index") return was 0.17% bringing the year to date ("YTD") return to 8.19%. The S&P 500 index return was 2.39% (including dividends reinvested) bringing the YTD return to 25.00%. Over the period, while the 10 year Treasury yield increased 79 [...]

In the third quarter of 2024, the Bloomberg US Corporate High Yield Index (“Index”) return was 5.28% bringing the year to date (“YTD”) return to 8.00%. The S&P 500 index return was 5.89% (including dividends reinvested) bringing the YTD return to 22.08%. Over the period, while the 10-year Treasury yield decreased 62 basis points, the [...]

In the second quarter of 2024, the Bloomberg US Corporate High Yield Index (“Index”) return was 1.09% bringing the year to date (“YTD”) return to 2.58%. The S&P 500 index return was 4.28% (including dividends reinvested) bringing the YTD return to 15.29%. Over the period while the 10-year Treasury yield increased 20 basis points the [...]

In the first quarter of 2024, the Bloomberg US Corporate High Yield Index (“Index”) return was 1.47%, and the S&P 500 index return was 10.55% (including dividends reinvested).  Over the period, while the 10 year Treasury yield increased 32 basis points, the Index option adjusted spread (“OAS”) tightened 24 basis points moving from 323 basis [...]

In the fourth quarter of 2023, the Bloomberg US Corporate High Yield Index (“Index”) return was 7.16% bringing the year to date (“YTD”) return to 13.44%.  The S&P 500 index return was 11.68% (including dividends reinvested) bringing the YTD return to 26.26%.  Over the period, while the 10 year Treasury yield decreased 69 basis points, [...]

In the third quarter of 2023, the Bloomberg US Corporate High Yield Index (“Index”) return was 0.46% bringing the year to date (“YTD”) return to 5.86%.  The S&P 500 index return was -3.27% (including dividends reinvested) bringing the YTD return to 13.06%.  Over the period, while the 10 year Treasury yield increased 73 basis points, [...]

In the second quarter of 2023, the Bloomberg US Corporate High Yield Index (“Index”) return was 1.75% bringing the year to date (“YTD”) return to 5.38%.  The S&P 500 index return was 8.74% (including dividends reinvested) bringing the YTD return to 16.88%.  Over the period, while the 10 year Treasury yield increased 37 basis points, [...]

In the first quarter of 2023, the Bloomberg US Corporate High Yield Index (“Index”) return was 3.57%, and the S&P 500 stock index return was 7.48% (including dividends reinvested). Over the period, while the 10 year Treasury yield fell 41 basis points, the Index option adjusted spread (“OAS”) tightened 14 basis points moving from 469 [...]

In the fourth quarter of 2022, the Bloomberg US Corporate High Yield Index (“Index”) return was 4.17% bringing the year to date (“YTD”) return to -11.19%.  The S&P 500 stock index return was 7.55% (including dividends reinvested) for Q4, and the YTD return stands at -18.13%. The 10 year US Treasury rate (“10 year”) finished [...]