Financial Times – 6/7/13

“We are definitely worried that the market is in a cycle where selling of bonds begets more selling,” said Steven Boyd, principal at Halyard Asset Management.

The hefty outflows illustrate the anxiety of investors ahead of the May employment report due on Friday. The Federal Reserve has indicated that its suppression of interest rates under quantitative easing depends on the tone of economic data, led by the monthly jobs figures.

“‘The jobs report will be a harbinger for how bonds trade during the rest of the month,” said Mr Boyd.

Record $12.5bn outflows from bond funds

Financial Times – 5/31/13

“No one likes to see equities close at their low on a Friday as it sets the market up for an ugly open the following week,” said Michael Kastner, managing principal at Halyard Asset Management, adding that short sellers in the Treasury market were closing positions later in the day.

Markets whipsaw on Fed uncertainty

Financial Times – 5/23/13

“Volatility is here for a while and will rise further,” said Michael Kastner, principal at Halyard Asset Management. “It’s clear that Bernanke wants to prepare markets for less stimulus. Stocks look expensive and a correction would be healthy.”

Market bulls run into the sand

Financial Times – 5/01/13

“Corporations are really coming out of the woodwork after earnings season to sell debt and buy back stock,” says Michael Kastner, principal at Halyard Asset Management.

Crowds line up for a bite of Apple’s big bond

Financial Times – 4/30/13

“As a bond investor you don’t want to buy debt which is being used to fund share buybacks, but in the case of Apple, it’s a drop in the ocean compared to the size of their overall cash holdings,” said Michael Kastner, principal at Halyard Asset Management.

Apple cleans up with $17bn US bond issue

Financial Times – 03-19-13

Michael Kastner, a principal at Halyard Asset Management, said US Treasury yields look vulnerable if economic data surprises positively.

“Traders and real money investors are looking to lessen their interest rate sensitivity, and are looking at floating rate notes and short dated bonds,” he said.

More bond investors bet on US rate rise

Financial Times – 02/05/13

“It’s been a one-way street for a long time,” says Michael Kastner, principal at Halyard Asset Management. “This time last year it was a lot easier to buy investment grade bonds, but now rates are very low. You don’t need to see rates rise that much in order to erode a small coupon.”

Investors face end of big US bond returns

Financial Times – 1/23/12

“The Street has less appetite for bonds, and when ETFs need to sell, there is potential for an ugly reversal,” says Michael Kastner, a principal at Halyard Investment Management. “As rates move higher we will start to see investment managers sell lower-quality paper.”

 

Fears grow over investment-grade debt

Financial Times – 1/11/13

“Investors are over-optimistic on earnings and we think the debt and fiscal issues could come back to bite the market hard,” said Michael Kastner, principal at Halyard Asset Management.

Billions pumped into global equities

Financial Times – 12/14/12

“The fiscal cliff does matter and markets should be worried,” says Michael Kastner, principal at Halyard Asset Management.

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