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Morning Commentary: Junk opens unchanged to slightly lower; FTAI Infrastructure brings $500 million
By Paul A. Harris
Portland, Ore., June 27 – The high-yield bond market opened the June-to-July crossover week unchanged to slightly lower, according to a bond trader in New York.
With the S&P 500 stock index off 0.23% at midmorning the iShares iBoxx $ High Yield Corporate Bd (HYG) share price was down 0.26%, or 19 cents, at $74.85.
The Entegris Inc. 5.95% senior notes due June 2030 (Ba2/BB/BB) were holding well above their new issue price at 94 bid, 95 offered on Monday, the trader said.
The most recent deal to clear the market, the Entegris 5.95% notes priced at 90.832 to yield 7½% in an $895 million issue on June 16.
The only other dollar-denominated high-yield deal to price in the past fortnight, however, was trading below its issue price on Monday morning.
The Iris Holdings Inc. (Intertape Polymer Group, Inc.) 10% senior notes due June 2028 (Caa2/CCC+) were 80¾ bid, 81¾ offered.
The $400 million issue priced at 82 to yield 14.361% on June 15.
In new issue news Fortress Transportation and Infrastructure Investors LLC began a telephone roadshow for a $500 million offering of FTAI Escrow Holdings, LLC five-year senior secured notes.
Initial guidance has the notes coming with a coupon of 10¼% to 10½% at an original issue discount to yield 11%.
The deal, backing the spinoff of FTAI Infrastructure Inc., is expected to price Wednesday.
ETFs see $732 million Friday inflows
The high-yield ETFs saw a hefty $732 million of daily cash inflows on Friday, according to a market source.
Actively managed high-yield funds were negative on the day, sustaining $111 million of outflows on Friday, the source said.
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