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Morning Commentary: Junk inches higher on quiet summer Friday; ETFs see big outflows
By Paul A. Harris
Portland, Ore., July 7 – After opening unchanged on Friday, most high yield names were slightly higher at mid-morning, according to a bond trader in New York.
With the major U.S. stock indexes mixed at that time, the iShares iBoxx $ High Yield Corporate Bd (HYG) share price was up 0.24%, or 18 cents, at $73.96.
Among recent issues, the Howard Midstream Energy Partners, LLC 8 7/8% senior notes due July 2028 (B3/B+) were par ¾ bid, 101 offered, unchanged, with no trades on the morning, the trader said.
The upsized $550 million issue (from $500 million) priced at par on June 29.
The Viking Cruises Ltd. 9 1/8% senior notes due July 2031 (Caa1/B-) traded Friday morning at par ¼, the trader said, adding that they traded at par on Thursday.
The $720 million issue priced at par on June 26.
The new issue market was quiet on Friday, with the dollar-denominated primary market poised to be skunked for the holiday-abbreviated July 3 week.
It was an active week in the euro-denominated high-yield primary market, however, with four issuers pricing €1.75 billion in a combined five tranches.
Among them, the Amara Nzero/Green Bidco 10¼% senior secured green notes due 2028 (B/B+) were par ¼ bid, par ¾ offered on Friday morning, according to a market source.
The €270 million deal, which came as part of the funding for Cinven’s acquisition of Amara Nzero, a Madrid-based business-to-business technology company, priced Thursday at par.
Fund flows
High-yield ETFs sustained a whopping $1.19 billion of daily cash outflows on Thursday, according to a market source.
Actively managed high-yield funds saw $59 million of inflows on the day.
News of Thursday’s daily cash flows follows a Thursday afternoon report that the combined high-yield funds sustained $283 million of net outflows in the week to the Wednesday, July 5 close, according to fund-tracker Refinitiv Lipper.
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