That has sent high-yield prices down 29% for the year, according to Merrill Lynch.
This corroborates DeRosa-Farag's explanation for the disconnect between underlying value and high-yield prices.
While junk is not as tightly linked to the Fed's actions as Treasurys are, credit tightening will pull down high-yield prices to some degree, Pil says.
If defaults rise, high-yield prices will erode, spreads will widen between junk and Treasurys, and the value of the Access Flex Bear fund will climb.
with high yield and low production price.
In addition, whereas the batch profit always favors high-yield (slow growing) strains, the hourly profit favors high yield strains at lower price points, and favors high productivity strains at higher price points.
In the first scenario, crude glycerol obtains the highest λ (λ = 0.922), which may due to its high yield and considerably cheap price among other substrates.
(000 omitted in dollar figures) High Price: 101.525 High Yield: 1.885 Low Yield: 1.600 Median Yield: 1.860 Accepted at low price: 25% Total applied for: $21,969,807 Accepted: $9,000,006 Noncompetitive: $38,987 Interest set at: 2% The 10-year inflation notes mature July 15 , 2014
Here are the results of yesterday's Treasury auction of two-year notes and four-week bills: (000 omitted in dollar figures) High Price: 99.854 High Yield: 1.950 Low Yield: 1.870 Median Yield: 1.909 Accepted at low price: 72% Total applied for: 63,771,124 Accepted: 33,987,467 Noncompetitive: 711,362 Interest set at: 1 The two-year notes mature Dec. 31, 2005.
Following are the results of yesterday's Treasury auction of two-year notes: (000 omitted in dollar figures) High Price: 99.767 High Yield: 2.120% Low Yield: 2.040% Median Yield: 2.080% Accepted at low price: 54% Total applied for: $53,660,076 Accepted: $32,863,976 Noncompetitive: $784,422 Interest set at: 2 The two-year notes mature Nov. 30, 2004.
Here are the results of yesterday's Treasury auction of two-year notes: (000 omitted in dollar figures) High Price: 99.869 High Yield: 1.692% Low Yield: 1.600% Median Yield: 1.674% Accepted at low price: 5.7% Total applied for: $57,906,809 Accepted: $35,210,859 Noncompetitive: $945,042 Interest set at: 1 5/8 The two-year notes mature March 31 , 2005
