| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers E > Headlines for Ephios Subco 3 Sarl > News item |
Morning Commentary: Junk opens higher, in line with equities; ETFs see Tuesday inflows
By Paul A. Harris
Portland, Ore., Dec. 13 – The high-yield bond market opened 1/8 of a point higher on Wednesday, in line with equities, according to traders in New York.
With the S&P 500 stock index up 0.21% at mid-morning, the iShares iBoxx $ High Yield Corporate Bd (HYG) share price was 0.23% higher, up 17 cents, at $76.23.
The freshly minted Icahn Enterprises LP/Icahn Enterprises Finance Corp. 9¾% senior bullet notes due January 2029 (Ba3/BB) were trading above issue price at par 7/8 bid on Wednesday morning, a trader said.
The $500 million debt refinancing deal priced at par in a Tuesday drive-by.
The most recent euro-denominated issue to clear the market was also trading above issue price on the morning, according to a market source in London.
The Ephios Subco 3 (Synlab AG) 7 7/8% senior secured notes due January 2031 (B2/B+/B+) were 100.4 bid in the London morning, the source said.
The €450 million issue, backing the acquisition of the Munich-based medical diagnostics services provider by Cinven, priced on Tuesday at par, at the tight end of downwardly revised talk.
Synlab might be the final euro-denominated high-yield issue of 2023, market sources say.
The primary market was quiet and the active new issue calendar stood empty on Wednesday morning.
Near pristine market conditions could generate a modicum of new issue activity through the remainder of the week, and possibly into the early part of the pre-Christmas week ahead, a New York-based trader said.
Fund flows
High-yield ETFs saw $424 million of daily cash inflows on Tuesday, according to a market source.
Actively managed high-yield funds sustained $25 million of outflows on the day.
The combined funds are tracking $850 million of net inflows on the week that will conclude with Wednesday’s close, according to the market source.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.