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Generating 6% Returns In A 0% World Part II - The Month In Exchange Traded Debt

Summary

We propose a mechanism for generating a crisp summary and interpretation of the key activities and changes in the exchange-trade-debt market on a monthly basis.

We divide the ETD market into segments and compare and contrast the price levels and returns over the month in these segments to adjacent markets such as Treasuries and corporates.

We report on issues impacting ETD such as new issuance, defaults and early calls and events in adjacent markets likely to impact ETD, e.g., the issuance low-rate perpetual preferreds.

We provide analysis of the market. This month may be a harbinger for early calls driven by low-rate refunding...


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