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Morning Commentary: High yield opens sharply lower; $528 million high-yield fund inflows for week
By Paul A. Harris
Portland, Ore., Sept. 26 – High-yield bonds opened sharply lower on Friday, according to a trader on the East Coast of the United States.
The LCD 22 index was 105 3/8 bid shortly after 10 a.m. ET. That's down from the Thursday close of 106 bid, the trader said.
Last Friday the index was 107½ bid, the source added.
Cash bonds were also lower, according to the trader.
The new Burger King Worldwide 6% second-lien notes due April 1, 2022 (Caa1/B-/) were 98¾ bid, 99 offered on Friday, down ¼ point.
They were 99 1/8 bid, 99½ offered on Thursday.
The $2.25 billion deal priced at par, at the wide end of price talk, on Wednesday.
Weekly flows turn positive
Dedicated high-yield funds saw $528 million of net inflows for the week to Wednesday’s close, according to market sources, who were relating numbers reported Thursday by Lipper-AMG.
However all of those inflows went to exchange traded funds (ETFs), which actually saw $584 million of inflows for the period, a source said. Actively managed funds sustained moderate outflows for the week, reducing the net to $528 million from $584 million.
Daily flows were most positive in the early part of the most recent reporting period, Thursday, Sept. 18, and Friday, Sept. 19, sources said. Daily flows turned negative in the early to middle part of the present week.
The $528 million inflow for the week to Wednesday reverses the previous week’s negative tide: a $1.2 billion outflow for the week of Sept. 17, which capped three consecutive weeks of outflows that amounted to $2.15 billion, according to a Prospect News analysis of the data.
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