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The Bulls are Crushing the Bears 3 HIGH YIELD MARKET PERSPECTIVE LETTER Standing in Front of the Fed Train Volume 28, Issue 9 | September 11, 2013 Bond investors endured a difficult summer. A combination of a sharp rise in Treasury rates, the constant chatter about the size and timing of the Fed’s tapering plans, and some improvement in the economy have caused trepidation among bondholders. While credit investors have suffered since early May, equity investors have fared much better. We have one U.S. economy but two divergent interpretations. Equity investors tend to look at a bright tomorrow, while at the same time, bondholders tend to look at a dreary today. Please Contact [email protected] for full letter. SHENKMAN | HIGH YIELD MARKET PERSPECTIVE LETTER p
