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 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
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.
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
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
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
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
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
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