Morning Commentary: ‘Tis the season ... Junk market goes quiet ahead of holidays

By Paul A. Harris

Portland, Ore., Dec. 24 – Christmas Eve saw the junk bond market go quiet, according to a trader keeping the watch on a trading desk in New York.

There is nothing on the tape, the source reported.

Against a backdrop of slightly lower stock prices in the United States, the high-yield ETF share prices were essentially unchanged on the morning.

The iShares iBoxx $ High Yield Corporate Bd (HYG) was up a penny, or 0.01%, at $87.77 per share.

The primary market was quiet, as expected, on Christmas Eve, with no announcements anticipated ahead of the new year.

January new issue activity is expected to get underway within a few days of the market reopening on Thursday, Jan. 2.

And given a continuation of the strong market technicals, and positive economic forces in play during the final weeks of 2019, January could be a big month, some sources say.

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