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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Dennis Roth who wrote (155592)	9/7/2011 12:44:52 PM
From: Dennis Roth	3 Recommendations Respond to of 206085

CS Take on MLPs Yield Spreads Inordinately Wide 25 pages, 44 exhibits Download Link: sendspace.com Revisiting Valuation – Yields Remain Attractive: MLP yields continue to offer value relative to treasuries and investment grade corporate bonds. Relative to history, MLPs’ yield is at or above one standard deviation high relative to both 10-year treasuries and investment grade corporate bonds. Given the current macroeconomic uncertainty and scarcity of yield, we continue to believe MLPs are an attractive asset class and would focus on the large, liquid investment grade names within the group (A Basket of MLPs to Own). Top Picks for the Current Environment: EPD, KMR & PAA. More Debottlenecking Projects Announced: Over the past week, Magellan Midstream (MMP) and Enterprise Products (EPD) (along with partners Enbridge Energy Partners (EEP) and Anadarko (APC)) announced projects aimed at alleviating current crude oil and NGL bottlenecks, respectively. We view these projects as incremental positives for each company. Note, these projects alone are unlikely to solve the current crude oil and NGL bottlenecks and will not become operational until mid-2013 suggesting the potential for additional project announcements and the potential for location-based commodity price differentials to remain wide for an extended period of time. Please see page 3 for more detail. ==== FUNDamental Insights 6 September 2011 ¦ 28 pages citigroupgeo.com In this report, we aim to provide investors with a regular update and our latest views of the closed-end fund (CEF) sector.