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Morning Commentary: Junk inches higher; ETFs see $502 million Friday inflows
By Paul A. Harris
Portland, Ore., Aug. 28 – The high-yield bond market opened 1/8 of a point better, with trading activity muted, as the final week of August got underway on Monday, according to a bond trader in New York.
With the Dow Jones industrial average up 0.78% at mid-morning, the iShares iBoxx $ High Yield Corporate Bd (HYG) share price was up 0.22%, or 17 cents, at $74.78.
The Maxim Crane Works, LP 11½% second priority senior secured notes due September 2028 (Caa1/B-) were 1/8 of a point better on the morning at par ¾ bid, 101¼ offered, the trader said.
The $500 million issue, the most recent dollar-denominated deal to clear the market, priced at 98.158 to yield 12% on Aug. 17.
The Tenneco Inc. 8% senior secured notes due November 2028 (B1/B) remained well below their issue price at 82 bid, 83 offered, unchanged and inactive on the morning, the trader said.
That paper got as high as 83¼ bid late last week.
The notes came at 85 on Aug.15, in a sale to syndicate hung bridge debt from Apollo’s buyout of Tenneco.
The primary market remained quiet on Monday morning, having quite likely run its course for the summer, market sources say.
The active forward calendar is empty.
Fund flows
High-yield ETFs saw a substantial $502 million of daily cash inflows on Friday, according to a market source.
Actively managed high-yield funds sustained $45 million of outflows on the day, the source said.
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