Archive

MLP Week Thoughts: Easing Does It

31Aug
MLPs were up this week, with the Alerian MLP Index registering 1.4% gains, compared with a 0.3% drop for the S&P 500.   Talk of easing out of Fed Chairman Bernanke helped the market pop a bit on Friday.  It wasn't talk of easing really, more Bernanke acknowledging his willingness to take further action to try to combat his "grave concern" for the U.S.

Labor Day and MLPs

30Aug
Labor Day is ostensible a holiday to celebrate American labor, dedicated to the social and economic achievements of American Workers.  It was first made a federal holiday in 1894, back when factory workers and farmers represented around 60% of the total employed persons in the U.S. (according to 1900 census), and back in the days of the massive trusts

Week Thoughts: MLPs Lose Steam as Broader Market Turns

26Aug
The S&P 500 finally broke lower this week, after 6 straight positive weeks.  It seems that we are reaching the upper limit of the market's range absent the stimulus the markets keeps trying to price in.  Friday the market turned positive after some hopeful musings by Big Ben, something about there being scope for further Fed action to ease things.

Week Thoughts: Oil Drives the MLP Bus Higher

20Aug
MLPs had a good week, and so did most other risk assets.  "Risk free" 10-year treasuries did not fare so well, as yields on those rose 17 basis points higher all the way to 1.82%, their highest point since May 11th.  Oil futures also reached their highest point since May 11th, closing the week up 3.5% at $96.15 after 4 straight positive days.  Natural

MLP Winners & Losers: Oil Price & IPO Streaks Continue

19Aug
MLPs were up 1.4% this week, helped by broader market strength (S&P was up 1.0% this week) and strength in oil prices (futures up 3.5%).  There was 1 IPO that crushed it this week, and 2 follow-on equity deals for a total of $572.2mm in gross proceeds.  After the debt offering explosion last week, there were no bond deals this week.  General partners

Column: Are MLPs Expensive?

17Aug
I have a column up at equities.com this afternoon that provides an update as to where MLPs stand on a distribution yield basis compared with treasuries, bonds and REITs.  Next week, I'm going to write another that focuses on other valuation methods for MLPs.  The aim of these columns is to get at the question that plagues many potential MLP investors: why

MLP Week Thoughts: Who Left the Deal Window Open?

13Aug
Busy week in the MLP space...issuers and bankers are doing everything thing they can to throw prospectuses through the capital markets window before it closes.  So far, deals are sailing through without any problem. Debt: 4 issuers priced a combined $4.5 billion in debt offerings this week, including $750mm from MWE, $1.25bn from KMP, $1.75bn from EPD

Winners & Losers: MLPs Shrug Off Record Debt and Equity Issuance

12Aug
MLPs were up 0.6% this week, trailing the broader stock market, but holding up well given the $1.3bn in MLP equity offerings that priced this week (not counting the $2.0bn secondary sale by KMI investors).  That $1.3bn in equity priced this week was the most in a single week so far this year.  Also, this week there was $4.5 billion of public debt

MLP Week Thoughts: Too Much Input…

06Aug
There was a time in the 1980s when robotics was really cool, well except for auto workers and Detroit, but they were all over popular culture.  In 1985, for example, when Nintendo's first console system launched (the NES), one of the primary marketing strategies was to sell the R.O.B. (Robotic Operating Buddy) and companion game as the reason to buy the