Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for Medline Industries, Inc. > News item |
Junk bonds surge pre-Fed; First Republic gains; Medline gains; DISH improves
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 21 – While the U.S. stock markets rallied and the investment-grade bond new issue market reopened in a big way on Tuesday, the high-yield primary market remained dormant, as it has now been through much of the month of March.
Meanwhile, it was a strong day in the secondary space with buyers returning to the market as the banking sector stabilized.
The cash bond market added ½ to ¾ point while the CDX index shot up 1½ points, sources said.
The market will be laser-focused on the Fed’s announcement on Wednesday after undergoing a dramatic repricing since Silicon Valley Bank’s collapse, which began on March 8.
Market players are currently debating a 0 to 25 bps rate increase on Wednesday with market expectations for rate cuts by the fourth quarter, a source said.
On Tuesday, First Republic Bank’s subordinated notes (B2/B-) were lifted on the news JPMorgan was advising the bank on strategic alternatives.
Medline Industries Inc.’s junk bonds were among the most actively traded issues of Tuesday’s session with the notes rising alongside the broader market.
DISH Network Corp.’s junk bonds also improved after heavy selling in the capital structure over the past three weeks.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.