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Morning Commentary: Junk market sits tight for Brexit; Whiting bonds improve on exchange news
By Paul A. Harris
Portland, Ore., June 23 – The junk bond market was quiet at mid-morning, awaiting news on the Brexit ballot, with voters in the United Kingdom having reached decision-day on the question of whether or not the kingdom should remain in the European Union.
High-yield ETFs were looking for bonds, a trader said, but added that the ETFs were not getting many offers.
ETF share prices were up on the morning. The iShares iBoxx $ High Yield Corporate Bd (HYG) was up 43 cents, or 0.51%, at $84.45 per share. The SPDR Barclays High Yield Bond ETF (JNK), at $35.57 per share, was up 20 cents, or 0.57%.
Meanwhile all was quiet in the new issue market, with no word on what the post-Brexit primary might look like, sources said.
Whiting bonds rally
The bonds of Whiting Petroleum Corp. rallied as the company’s share price fell on news that the company entered into a privately negotiated exchange involving $377 million of nonconvertible notes for the same amount of new mandatory convertible notes and $687.9 million of convertible notes for the same amount of new mandatory convertibles.
The Whiting Petroleum 5¾% senior notes due March 15, 2021 were up 4 or 5 points at 93½ bid, 94½ offered at mid-morning, after having traded in a context of 88 bid, 89 offered on Wednesday.
Among recent issues in the energy sector, bonds of Weatherford International Ltd. were up ½ point as the barrel price of West Texas Intermediate crude oil was pushing up toward the $50 threshold.
The Weatherford 7¾% senior notes due June 15, 2021 were 98 bid, 99 offered at mid-morning. The Weatherford 8¼% notes due June 15, 2023 were 97 bid, 98 offered.
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