Corporate Bond Market Rally Takes a Breather
While the equity markets are hitting record highs, bond are taking a break.
David Sekera
Dave Sekera, CFA, is chief U.S. market strategist for Morningstar. Follow David on Twitter: @MstarMarkets. Please note, Dave does not use either WhatsApp or Telegram. Anyone claiming to be Dave on these apps is an impersonator. He will not contact anyone on these apps and will not provide any content or advice on either app.
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Heightened tensions between the U.S. and China aren't helping.
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Credit Spreads Snap Wider
Credit Spreads Largely Unchanged Last Week
But falling oil prices have pressured corporates over the past month.
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The U.S. Treasury market gave back the price gains it made the prior week.
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Investors no longer felt the need to hide in U.S. Treasuries.
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Turmoil in the equity market spurred a flight to safety.
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Corporate credit spreads on investment-grade corporate bonds held steady and high-yield bonds backed off slightly.
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Prices for Italian sovereign bonds dropped precipitously across the board.
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As investors chased risk asset prices higher, bond prices in the U.S. Treasury market weakened.
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Strong demand easily soaked up the deluge of new issue supply.
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Investors tiptoe back into high yield.
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Rising interest rates and widening credit spreads have taken their toll.