Panic in high-yield hits BDCs
Dec 11 201
5, 1
5:40 ET | By: Stephen Alpher, SA News Editor Contact this editor with comments or a news tip
Treasury yields are plunging, but high-yield is headed the other way again as investors mull a big selloff in the major averages and oil's plunge to below $36 per barrel.The pain is widespread, but a panic in credit is particularly painful for BDCs. Hitting the tape a few minutes ago, Jeff Gundlach says "there's never just one cockroach" when credit melts down.
http://seekingalpha.com/news/2980206-panic-in-high-yield-hits-bdcs?uprof=46Gundlach: If Fed met today, it wouldn't hike
Dec 11 201
5, 1
5:30 ET | By: Stephen Alpher, SA News Editor
"There's never just one cockroach" when credit melts down, Jeffrey Gundlach tells Reuters, and investors have been on "credit overload."The best trade at the moment, he says, is to sell the S&P
500 and buy closed-end credit funds (not Third Avenue's!)
http://seekingalpha.com/news/2980186-gundlach-if-fed-met-today-it-wouldnt-hikeMore Coal
OPEC piled on the bad news. After last week’s removal of a production target, this week the oil cartel released figures that showed the group collectively produced the most oil in three years in November, ramping up output to 31.7 million barrels per day (mb/d). Iraq accounted for most of the monthly gains, achieving more than 247,000 barrels per day in increases from October.
The bearish news suggests more pain in the offing for U.S. shale. The EIA put out an estimate, expecting U.S. shale to lose 116,000 barrels per day in production in January, with the largest losses once again coming from the Eagle Ford shale (down 77,000 barrels per day).
http://oilprice.com/newsletters/free/opintel12112015