One analyst said that the deals currently being made are becoming laughable and if things are no different six months from now, they will be stupid.
Approximately $506 billion worth of debt is trading above redemption price. Even in other areas of the debt market, the cost of protecting corporate debt from default is rising.
The Markit CDX North American Investment Grade Index is used to hedge against losses or to speculate on creditworthiness of debt issued.
When investor confidence erodes, the index rises; when confidence rises, the index falls. The index rose .6 basis point yesterday in New York.
The US two-year interest rate spread also rose .47 basis point yesterday in New York. When investors flock to government bonds for safety, the gauge widens; when investors favor corporate debentures, it narrows.
Analysts say the junk bond market is as overbought as they have ever seen it. Investors in 2012 bought $100 billion in debt that did not restrict borrowers’ debt to earnings or interest expense.
The richness of the market may be the first signal of danger in the Fed’s monetary easing policies. Some analysts are uncertain if the economy is capable of responding adequately to the Fed’s quantitative easings in the effort to bring down the unemployment rate.
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MEMBER REVIEWS
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William Desormeau, Jr.
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It is not possible for me to overstate the cumulative value that Craig, Bob and Fritz have added for over 10 years to my investment advisory practice, as well as for personal and family financial planning. A4A gets my highest recommendation
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Lynn Najman, CFP®
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I’ve subscribed to A4A since its inception, and always find it intellectually stimulating and on point. It’s one of the few CE solutions out there that doesn’t waste my time by pushing product or talking down to me.
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| Pete Deacon, CPA, CFP® |
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| Fredric Mayerson, MBA, PhD, CFP® |
| I've been a financial professional and professor of finance for 35 years and find Fritz Meyer and Robert Keebler to be among the most engaging, incredibly knowledgeable, and experienced presenters I’ve encountered. They deliver an extraordinary amount of information in an extremely interesting way — sequentially and developmentally, utilizing pedagogical tools and techniques that few possess. A4A to is the most consistently excellent CE program available. |
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| Ron Roge, MS, CFP® |
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John R. Day, CPA/PFS® |
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I’ve been a member since 2011 and never miss the monthly webinars with Fritz Meyer. I appreciate Fritz’s independent views on the economy and markets and Bob Keebler keeps me updated on excellent tax planning ideas. A4A is a great value! |
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Norman Politziner, CFP |
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I wouldn't miss a Fritz Meyer webinar unless my pants were on fire. I've relied on Andrew Gluck's knowledge systems --client communications and CE -- for two decades. It's simply the best solution for tax, financial, investment, and risk-management professionals.® |
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Dan Hawley, CFP® |
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A4A, for over a decade, has been a great resource for useful and accurate information and CE. A4A and Advisor Products are bargains for an advisory practice. |
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Kevin Brosious, MBA, CFP®, CPA/PFS® |
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