Wishing it was 2014 again.
BLOOMBERG.COM

It's back to the future in the market for junk-rated debt sold by oil companies. Investors are treating high-yield bonds issued by energy firms like it's the good old days for black gold. Yields on the securities have have dropped to 6.73 percent, a level last seen at the end of 2014 when oil was trading around $80 a barrel."The market seems to be pricing in perfection for a number of reasons," according to Bloomberg Intelligence Senior Credit Analyst Spencer Cutter. "Part of it has just been the reach for yield throughout the entire fixed-income market, so even bonds from distressed credits get bid up," he said. Add to that the fact that drilling costs are falling, and the sustained (if modest) recovery in oil prices is causing some to bet that the worst is over.

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