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Secondary market flat to slightly better with light activity as holiday weekend nears
By Sara Rosenberg
New York, Aug. 31 – The secondary market in general was flat to maybe up an eighth of a point on the day on Wednesday with very little activity ahead of the holiday weekend, according to market sources.
“Not a ton of volume. Feels like a lot of guys are starting the weekend early,” one source remarked.
“If anything, up an eighth, but it’s very thin volume,” another source added.
Loan indices rise
IHS Markit’s iBoxx loan indices were stronger on Wednesday, with the Leveraged Loan indexes (MiLLi) closing out the day up 0.09% and the Liquid Leveraged Loan indices (LLLi) closing out the day up 0.1%.
Month to date, the MiLLi is up 1.11% and year to date it is up 8.79%, and the LLLi is up 0.9% month to date and up 8.33% year to date.
Average secondary market bids in the U.S. on Wednesday were 92.61, down 0.02% from the previous day and up 0.81% year to date.
According to the IHS Markit data, some of the top advancers on Wednesday were Pitney Bowes/DMT Solutions’ July 2018 covenant-lite term loan at par, up from 95, Heritage Power’s July 2019 term loan at 21.19, up from 20.5, and Radiology Partners’ July 2018 covenant-lite term loan at 76.1, up from 74.56.
Some top decliners on Wednesday were Jo-Ann Stores’ July 2021 covenant-lite term loan B at 38.33, down from 42.4, Exactech’s February 2018 covenant-lite term loan B at 38.33, down from 40, and Mobileum’s March 2022 covenant-lite term loan at 63.38, down from 66.
Fund flows
In other news, actively managed loan fund flows on Wednesday were positive $25 million and loan ETFs were positive $108 million, market sources said.
Actively managed high-yield fund flows on Wednesday were positive $70 million and high-yield ETFs were positive $311 million, sources added.
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