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Morning Commentary: Harland Clarke bonds active, as yawning post-holiday junk market reactivates
By Paul A. Harris
Portland, Ore., Jan. 2 – Junk opened flat on Thursday, as the post-holiday high-yield market blinked and yawned and stretched its way into 2020, a New York-based bond trader said.
With the Dow Jones industrial average up three-eighths of a percent at mid-morning high-yield ETF share prices were improved. The iShares iBoxx $ High Yield Corporate Bd (HYG) share price was up 0.16%, or 14 cents, at $88.08 per share.
The Harland Clarke Holdings Corp. 8 3/8% senior secured notes due August 2022 were up two points in active trading, at 84 bid. However, when asked to specify the move's catalyst the trader turned out empty pockets, remarking that there appeared to be no specific headlines propelling the bonds.
Recent issues tended to be trading in a narrow range – plus or minus one quarter of a point – in very light trading, the New York-based source said.
Although it was a notable December in the oil patch, with crude oil prices up 4.3% in the past month, there was very little trading in the bonds of the energy companies on Tuesday, the trader said.
The barrel price of West Texas Intermediate Crude for February 2020 delivery, which opened higher on Thursday, sagged into the mid-morning down 0.26%, or 16 cents, at $60.94.
There was no news on the new issue front, either, said the trader, adding that numerous market participants managed to stretch the holiday season a further two sessions, into the coming weekend.
The 2020 high-yield primary market will likely await the beginning of the Jan. 6 week before it begins to undertake the new year's business, sources say.
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