Midday Commentary: Junk market quiet, firm early on; HCA, Sprint paper active

By Paul Deckelman

New York, Aug. 22 - The high-yield secondary market had a quiet but firm tone in the early going on Thursday, market participants said.

A trader opined that "it's quiet, as one would expect, but has a bit of a firmer tone."

He added that "cash is unchanged to a touch better and the [Markit CDX] index is unchanged from yesterday [Wednesday]."

A second trader called the market "firm but quiet again."

Among the more active names early on was hospital operator HCA Inc., whose 6½% notes due 2020 were down 5/8 point at 106 5/8 bid on volume of over $6 million.

Wireless operator Sprint Nextel Corp.'s 6% notes due 2022 were seen off 3/8 point at 93 bid on volume of over $3 million.

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