ION Corporates, CCRR Parent, Consolidated Communications break

By Paul A. Harris

Portland, Ore., March 5 – Amid a steady flow of Friday news, dollar-denominated loan paper from ION Corporates ($910 million), CCRR Parent ($525 million) and Consolidated Communications Inc. ($1 billion) broke, all trading into a context of par bid, par ½ offered, sources said.

A strong nonfarm payrolls report set off a day of volatility in the yields of government bonds. Ten-year Treasuries spiked to 1.614% following the report, then fell back to 1.577% at the close.

Amid the rate tumult demand for secured floating-rate paper is surging, a market source said.

Dedicated bank loan funds saw $624 million of net inflows in the week to the Wednesday, March 3 close, the source said, citing data from Refinitiv Lipper.

These are the eighth consecutive weekly inflows to the loan funds since the beginning of the year, amounting to 13.9% of assets under management, according to the market source.

In daily flows for Thursday, the most recent session for which data was available at press time, actively managed bank loan funds saw $135 million of inflows.

Bank loan ETFs sustained $20 million of outflows on Thursday, the source added.

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