【出版时间及名称】：BARCAP-HY TELECOM, CABLE&DBS-MONTHLY RELATIVE VALUE UPDATE-100304
      【作者】：barclays
      【文件格式】：pdf
      【页数】：24
      【目录或简介】：
February 2010 Returns: Despite underperforming most other assets classes, the
High Yield Index posted its 12th consecutive positive month, returning 0.17%.
Through month-end, the High Yield Index is up 1.44% YTD. We also highlight that
the BB Index (2% Issuer Cap) outperformed the CCC Index (2% Issuer Cap) for the
first time in the past 12 months. Leveraged loans advanced 0.37% (2.39% YTD), the
14th straight positive month.
􀂄 Sector Strength: Wireless (+0.42%), Wireline (+0.27%), and Cable (+0.35%) all
outperformed the High Yield Index in February. We note that most of the strength
across the three sectors came from the higher beta credits or the junior layers of
capital structures. Nextel Communications, Leap Wireless, Qwest Communications
International (QCII), Level 3 Financing 9.25% senior notes, Cincinnati Bell, DISH
Network, and Mediacom all outperformed during the month.
We highlight that Leap Wireless benefited during February from a Wall Street
Journal article1 reporting that LEAP had hired