Recent Analysis

Daily Comment: Oil Creeps Higher After Slump

WTI closed up on Thursday having fallen 5% over three consecutive days of downwards pressure on the oil market.

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Chart of the Day: Mega Mania

Once a relative rarity in the corporate bond market, mega deals of $5 bn or more have become not only a feature of issuance activity, but a preference among both investors and issuers.

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Daily Comment: Falling Oil Prices Weigh on High Yield

US high yield spreads continue to widen on the back of falling oil prices. They are up almost 90 bp since the start of the month.

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Boston Properties (BXP)

Boston Property (BXP) is a core holding in the REIT space, and our Outperform recommendation reflects pricing offering attractive risk/return symmetry in a high quality real estate name focused on the office property sector, in particular Class A assets located in a handful of top U.S. markets.

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Ventas (VTR)

Our Underperform recommendation on VTR is primarily due to yields on offer, which we view as inadequately compensating investors for the risk profile, including elevated leverage levels compared to the broader high-BBB tier of REITs.

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HCP (HCP)

Our Market perform recommendation on HCP reflects a more positive view of credit fundamentals (post-spin) tempered by current pricing levels that do not offer much in the way of yield, particularly in the belly of the curve (7-10Y still offers decent spread).

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Chart of the Day: MLPs’ Magic Capex Number

We explain why our retained cash flow calculations are so important to our assessment of credit quality in the MLP sector.

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Muni-Corporate Comparison: New York

Muni-Corporate Bond Comparisons offer a credit overview of state General Obligation bonds and frames their pre-tax and some sample after tax yields against a range of corporate bond alternatives.

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