Industries that led the pronounced U.S. high yield bond sell-off in September - the market returned negative 2.59% during the month, its poorest showing in more than two years - spearheaded the high yield rebound in October, according to LCD's Martin Fridson.
"Media, as represented by Cable & Satellite TV and Telecommunications, topped the total return rankings in October," writes Fridson. "Of the 15 major high-yield industries covered in this analysis, those two industries rated #13 and $15, respectively, in September."
Among September's other two worst performers, Energy (#14) soared to #5 in October, but Metals & Mining (#12) dropped to # 14, says Fridson. This rebound helped the BofA Merrill Lynch US High Yield Index to a 2.73% return in October, its best performance since January 2012, according to Fridson. - Tim Cross
This story is part of Marty's weekly analysis for LCD News. The full analysis is available to subscribers here.
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