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Obama Rebounding Economy Seen in Junk-Bond Dividends BusinessWeek

30.04.10

(Updates with first-quarter gross domestic product in the third paragraph and consumer spending in the penultimate graph.)

By Caroline Salas and John Detrixhe

April 30 (Bloomberg) -- Buyers of high-yield, high-risk debt are betting that President Barack Obama is leading the U.S. economy to an enduring recovery.

Investors have gobbled up $99.6 billion of junk-bond sales in 2010, a record for the first four months of the year, including the most bonds to fund dividends for private-equity firms since before the credit crisis began in August 2007, according to data compiled by Bloomberg and Standard & Poor’s LCD. Prices for the average speculative-grade security climbed to 99.7 cents on the dollar this week, the highest since June 2007, up from 54.8 cents in December 2008, according to the Bank of America Merrill Lynch U.S. High Yield Master II Index.

The return of an appetite for risk shows growing confidence that the U.S. will avoid a double-dip recession, said John Lonski, chief economist at Moody’s Capital Markets Group. Profits for companies in the Standard & Poor’s 500 Index surged 176 percent in the final three months of 2009, and the U.S. economy grew at a 3.2 percent annual pace in first quarter, after expanding 5.6 percent in the fourth quarter, the best back-to-back performance since the second half of 2003.

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