The report provides an analysis of the US fixed income market, focusing on industry sectors and leverage categories. It highlights the average spread-per-turn (SPT) and its percentile ranking since December 2009. The report notes that autos and telecoms sectors are relatively undervalued, while tech and gaming are overvalued. It excludes the energy sector from SPT analysis due to its distressed state and instead uses debt-to-enterprise-values as a valuation metric. The report includes a detailed analysis of energy single-Bs and CCCs bond prices against debt/EV ratios, identifying significant undervaluation and overvaluation gaps.
doj/DataSet10/EFTA01385943.pdf
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