Appel points out that the rally has favored large-cap growth stocks and has also given a boost to high-yield corporate bonds.
At worst, I believe, the high yield market has gotten a bit ahead of improving fundamentals.
An important buyer of Argentinian debt in recent times has been Hugo Chavez who demanded a very high yield in return.
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The junk bond market has lost much of its allure, as the SPDR Barclays Capital High Yield Bond ETF ( JNK) has had a rough few months.
Money has been flowing at a dramatic pace into high-yield junk bonds, commodities, and gold.
The company's recent strategy to transform itself into a high-profile consulting firm has yet to yield results.
Brent Burns, an investment manager who builds bond portfolios for financial planners, says that since the Fed announcement he has fielded a flurry of questions from advisers considering high-yield and international bonds, and real-estate investment trusts.
Over the last 12 months, the yield on 10 year Mexican debt has gone from a high of 6.4 percent to around 5.09 percent currently.
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Even the new proposed high-speed line in Britain has been shown to yield a benefit-cost ratio of around two-to-one.
As markets sit out the summer in the hope of a more active final three months of 2012, LCD has analysed high-yield performance in terms of total return and price movement.
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So many firms are refinancing that the point at which there is likely to be a potentially worrying spike in high-yield debt falling due has receded from next year to 2012, says Martin Fridson of Fridson Advisers.
"That's why Asian high-yield issuers are accessing another pool of investors after the market has taken a breather, " Mr. Garner said.
Some may argue that the present, wider high yield spread is a function of the low Treasury yields, but historically there has been little correlation between the spread-versus-Treasuries and nominal Treasury yields.
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The yield on high-yield bonds has risen to 9.33%, the highest level since 2002 and a sign of growing default risk, even though defaults remain near a historic low.
CapitaMall also has a high payout ratio consistent with the country's REIT market, while Simon has a 2.8% dividend yield.
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