Cliffs Natural Resources Inc. Declares Quarterly Cash Dividend on Preferred Shares
TransDigm taps former Cliffs Natural executive as its new CFO
Fortescue Overhauls Worker Rosters to Cut Costs -- Update
Iron-Ore's Collapse Claims Major Australian Casualty
Credits & Debits
Widening investment-grade credit spreads and rising interest rates lead to losses.
Corporate credit spreads are fairly valued--albeit at the tight end of the range that we view as fairly valued.
Rising interest rates have taken their toll, but as the Fed delays dialing back on stimulus, investors are poised to recapture some of their losses.
The corporate bond market will probably struggle to return much above break-even in 2014.
This cyclical sector appears undervalued, but be ready for a bumpy ride.