Cliffs Natural Resources Inc. Declares Quarterly Cash Dividend on Preferred Shares
Cliffs Natural Resources Inc. Announces Pricing of $540,000,000 Senior Secured Notes due 2020
Cliffs Natural Resources Inc. Announces Results to Date of Exchange Offers for Senior Notes and Extension of Early Tender Date
Cliffs CEO Urges Iron-Ore Miners to Rethink Supply Surge
SIFCO Industries, Inc. Signs Definitive Agreement to Acquire C*Blade; CFO to Return to Private Equity Industry
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.