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SSgA will launch an international high yield bond ETF tomorrow Mar 12 2014, 12:49 ET
Building on the success on the SPDR Barclays High Yield Bond ETF (JNK), State Street Global Advisors will roll out the SPDR Barclays International High Yield Bond ETF (IJNK) tomorrow. Much like JNK, IJNK will track an index of high yielding corporate bonds, but with a focus on ex-U.S. global market. This market sector is relatively under represented in the ETF universe and the addition of IJNK will round out SSgA's exposure to high yielding bonds. Other high yielding global corporate bond ETFs: IHY, HYXU, PGHY
*****Update from Seeking Alpha MUB Puerto Rico removed from CreditWatch at S&P after bond sale 3:01 PM 03/14/2014 MUB Puerto Rico removed from CreditWatch at S&P after bond sale "The removal of the ratings from CreditWatch reflects Puerto Rico's successful sale this week of $3.5 billion of GO term bonds with an 8.0% coupon and an effective yield of 8.73%," says S&P's David Hitchcock. "In our opinion, the sale will relieve near-term liquidity pressure on the commonwealth."The agency affirms the island's BB+ rating with negative outlook.
In some states,spare change won't even help. Tesla Motors Inc will stop selling its luxury electric cars in New Jersey on April 1, after the state said Tuesday it would not license the company to sell vehicles directly to consumers, bypassing franchised dealers. () "This administration does not find it appropriate to unilaterally change the way cars are sold in New Jersey without legislation and Tesla has been aware of this position since the beginning," Roberts said in an emailed statement.
not personally, but woudn't be surprized if some funds i hold, state specific and both open and closed-end, are purchasing these. these bonds went like hotcakes to the hedge fund and institutional buyers being triple tax exempted. those holding an individual state's muni fund, might want to check the fund's holding list.
Comments
March 12, 2014, 11:50 A.M. ET Barron's
Junk-Bond Covenant Quality Hits Record Low – Moody’s
Bond covenants typically govern things like how much additional debt a company can incur or how a company is allowed to distribute available cash. Weakening covenants are a sign that investors, in their hunt for yield, are more willing to sacrifice some common safeguards.
http://blogs.barrons.com/incomeinvesting/2014/03/12/junk-bond-covenant-quality-hits-record-low-moodys/?mod=BOL_hp_blog_ii
Also,from Seeking Alpha
SSgA will launch an international high yield bond ETF tomorrow
Mar 12 2014, 12:49 ET
Building on the success on the SPDR Barclays High Yield Bond ETF (JNK), State Street Global Advisors will roll out the SPDR Barclays International High Yield Bond ETF (IJNK) tomorrow.
Much like JNK, IJNK will track an index of high yielding corporate bonds, but with a focus on ex-U.S. global market.
This market sector is relatively under represented in the ETF universe and the addition of IJNK will round out SSgA's exposure to high yielding bonds.
Other high yielding global corporate bond ETFs: IHY, HYXU, PGHY
*****Update from Seeking Alpha
MUB
Puerto Rico removed from CreditWatch at S&P after bond sale
3:01 PM 03/14/2014
MUB
Puerto Rico removed from CreditWatch at S&P after bond sale
"The removal of the ratings from CreditWatch reflects Puerto Rico's successful sale this week of $3.5 billion of GO term bonds with an 8.0% coupon and an effective yield of 8.73%," says S&P's David Hitchcock. "In our opinion, the sale will relieve near-term liquidity pressure on the commonwealth."The agency affirms the island's BB+ rating with negative outlook.
Tesla Motors Inc will stop selling its luxury electric cars in New Jersey on April 1, after the state said Tuesday it would not license the company to sell vehicles directly to consumers, bypassing franchised dealers. ()
"This administration does not find it appropriate to unilaterally change the way cars are sold in New Jersey without legislation and Tesla has been aware of this position since the beginning," Roberts said in an emailed statement.
New Jersey is effectively the third state to bar Tesla from selling its cars directly, along with Arizona and Texas, according to Tesla.
http://www.reuters.com/article/2014/03/11/tesla-newjersey-idUSL2N0M81PU20140311