Yes, I bet some folks suffered other 'movements' ;))
Oil Rot Spreading in Credit
By Lisa Abramowicz Dec 12, 2014 12:14 PM ET 6 Comments
Credit investors are preparing for the worst.
They’re cleaning up their portfolios, selling riskier debt that’s harder to trade in bad times and hoarding longer-term government bonds that do best in souring markets. While investors have pruned energy-related holdings in particular as oil prices plunge, they’re also getting rid of other types of corporate bonds, causing yields to surge to the highest in more than a year.
“We believe the pervasive nature of the sell-off is more reflective of overall liquidity concerns in the cash market than of fundamental deterioration,” Barclays Plc (BARC) analysts Jeffrey Meli and Bradley Rogoff wrote in a report today. “The weakness, while certainly most pronounced in the energy sector, has been broad based.”
Rather than waiting around for a trigger to escalate this month’s selloff, investors are pulling out of dollar-denominated corporate debt now, causing a 0.8 percent decline in the notes this month, according to a Bank of America Merrill Lynch index that includes investment-grade and junk-rated securities. This would be the first month of losses since September.
Yields on the debt have surged to 2.21 percentage points more than benchmark rates, the highest premium in 14 months.
more:
http://www.bloomberg.com/news/2014-12-12/oil-rot-spreading-in-credit-.html
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