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Morning Commentary: Volatility slows; junk lower on thin volume; cash flows moderate
By Paul A. Harris
Portland, Ore., March 17 – Capital markets volatility slowed early Tuesday in the aftermath of the biggest sell-off in the Dow in over a decade, market sources said.
High-yield bonds opened the session better, a trader said, noting that the yield of the 10-year Treasury rose 9 basis points to 0.81%, and crude oil prices, at the time, were advancing.
By mid-morning, however, junk slipped lower, as stock indexes in the United States gyrated back and forth across the balkline, another trader said.
The iShares iBoxx $ High Yield Corporate Bd (HYG) mid-morning share price was down 0.57%, or 43 cents, at $75.22.
The Altice Financing SA 7½% senior secured notes due May 2026 were down 3 points at 93½ bid, the trader said.
The Refinitiv US Holdings Inc. 6¼% first-lien senior secured notes due May 2026 were down ½ point at 99½ bid.
The London Stock Exchange Group’s planned acquisition of Refinitiv from Thompson Reuters Corp. and investment funds affiliated to Blackstone Group Inc. lately cleared one regulatory hurdle when it was green-lighted by the Committee on Foreign Investment in the United States, the trader noted.
However, given the economic fallout of the ongoing global Covid-19 pandemic, investors are concerned that the acquisition might not go forward, the source added.
Away from such select names, trading remained very thin on Tuesday morning, the trader added.
Cash flows moderate
The dedicated high-yield bond funds saw $146 million of net outflows on Monday, a market source said.
High-yield ETFs were relatively flat, with $9 million of inflows on the day.
Actively managed high-yield funds, however, sustained $155 million of outflows on Monday, according to the market source.
The combined funds are tracking $1.7 billion of net outflows for the week that will conclude with Wednesday's close, the market source added.
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