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Bond market crash pressures utilities and REITs

Published 11/09/2016, 01:48 PM
Bond market crash pressures utilities and REITs
  • The 10-year U.S. Treasury yield is higher this session by 21 basis points to 2.07% after having fallen as low as 1.70% at one point last night. TLT -4%, TBT +8%
  • On the shorter end, Fed Funds futures - after last night having priced out any chance of rate hike in December - have returned to pricing in nearly 100% chance of a move.
  • Facing more serious competition for yield, utilities (XLU -3.4%) and REITs (VNQ -1.7%) are having a rough session.
  • Individual REIT names: Realty Income (O -5.1%), Spirit Realty (SRC -3.3%), Omega Healthcare (OHI -2%), Welltower (HCN -3.1%), Equity Residential (EQR -2.4%), AvalonBay (AVB -2.1%), General Growth (GGP -2.3%), Kimco (KIM -2.3%), DDR (DDR -2.3%).
  • Notably fading the move even as the dollar turns sharply higher are the lodging REITs: Ashford (AHT +2.9%), LaSalle Hotel (LHO +3.1%), Pebblebrook Hotel (PEB +3.9%), Chatham Lodging (CLDT +4.2%), Hersha (HT +3.7%)

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