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Junk bond primary market likely a wrap; United States Steel notes improve
By Cristal Cody and Paul A. Harris
Tupelo, Miss., Dec. 19 – The new issue market for junk bonds remained quiet on Tuesday, and has likely concluded its business for the year, sources say.
In the secondary, United States Steel Corp.’s high-yield bonds extended gains Tuesday with the paper trading more than 2 points better since Monday’s announcement that the manufacturer will be acquired by Japan’s Nippon Steel Corp.
The company’s 6 7/8% notes due 2029 (B1/BB-) were more than 1 point higher over the day as Moody’s Investors Service said it placed the issuer’s ratings under review for an upgrade.
Market tone remained strong with stock indices all on the upswing Tuesday.
The iShares iBoxx High Yield Corporate Bond ETF rose 22 cents, or 0.29%, to $77.20.
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