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Morning Commentary: Junk opens session unchanged; ETFs continue to see inflows
By Paul A. Harris
Portland, Ore., Aug. 29 – The high-yield bond market opened unchanged on Tuesday morning amid muted late-summer activity, sources said.
With the Dow Jones industrial average up 0.17% at mid-morning, the Shares iBoxx $ High Yield Corporate Bd (HYG) share price was up 0.2%, or 16 cents, at $75.05.
The market was taking a header in the wake of Tuesday’s Job Openings and Labor Turnover Survey (JOLTS) report depicting an employment landscape that remains resilient but appears to be cooling off, a sellside source remarked.
The Maxim Crane Works, LP 11½% second priority senior secured notes due September 2028 (Caa1/B-) were unchanged on the morning, according to the sellsider, who spotted them at 101¼.
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) were also unchanged on the morning, the sellsider said, spotting them at 82¼.
The notes priced 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 apparently run its course for the summer, market sources say.
The active high-yield forward calendar is empty.
Fund flows
Cash continued to flow into the high-yield ETFs on Monday, according to a market source.
The ETFs saw $135 million of inflows on the day.
Those follow the $535 million of inflows that the ETFs saw last Friday.
Actively managed high-yield funds were negative on Monday, sustaining $20 million of outflows on the day, the source said.
The combined funds are tracking $481 million of net inflows on the week that will conclude with Wednesday’s close, according to the market source.
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