Last week's new U.S. bond issues totaled just under $21 billion and included new record low coupons for five-, 10-, and 30-year corporate issues.
In the high-yield bond world, QR Energy
I think QR is the most interesting of the companies issuing debt last week. As an MLP, it gets favorable tax treatment if it distributes nearly all of its earnings to unit holders. In QR's case, the distribution is pumping out more than 10% yield. The partnership is relatively new, cash flow has relied on borrowing and unit sales, and the high distribution yield combined with low credit quality point to some risks. That double-digit yield is very tempting, but this one needs more digging before I'm ready to make a CAPScall.