High Yield Bonds

HY Trading Volumes Slip Below YTD Average

Trading in high yield bonds on the secondary market slipped below year-to-date average volumes this week as the market experienced a wide selloff.

ETFs Lead $2.4B Exodus from HY Funds

High yield bond funds saw the largest weekly outflows in more than a year with exchange-traded funds taking a large share of the money out of the asset class. Leveraged loan funds saw outflows as well.

Alliance Prices Upsized HY Deal for $600M

Alliance Data Systems sold $600 million in 5.375% senior notes due 2022. Clearwater Paper issued $300 million in 5.375% senior notes due 2025. Capsugel sold $415 million in 7% PIK Toggle notes due 2019.

Summer Selloff Puts HY Managers On Alert

The conflagrations in the Middle East and Eastern Europe have certainly put investors on edge. For the last two weeks, investors have been pulling money from junk bonds at the fastest pace in almost a year. High yield bonds were probably due for a small correction after the strong performance of the first half of the year.

Alliance Data Plans Bond Sale for $500M

Alliance Data Systems is selling $500 million in senior notes due 2022. Clearwater Paper plans to issue $300 million in senior notes due 2025. Warren Resources is selling $300 million in senior notes due 2022.

Citgo Sells $650M in Notes

CITGO Petroleum issued $650 million in 6.25% senior secured notes due 2022 as part of a larger $2.3 billion refinancing effort. The company also closed on a $650 million term loan B.

Micron Upsizes Deal to Price $1.15B in HY

Micron Technology drove by the bond market Wednesday to price $1.15 billion in 5.5% senior notes due 2025 in a deal upsized from $750 million.

Tata Plans Two-Part Benchmark Bond Offer

Tata Steel is on the market with a two-part benchmark bond offering that is expected to price this week. The Mumbai, India-based steel company will issue senior notes due 2024 and senior notes due 2020.

Transworld Sells $440M in Notes

Transworld Systems priced $440 million in 9.5% senior secured notes due 2021 on Tuesday’s market. The company is being spun out of Expert Global Solutions via a buyout by Platinum Equity.

Micron Tapping Bond Market for $750M

Micron Technology is on the market with a $750 million bond offering. The senior notes due 2025 could price as early as today.


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Firm: AllianceBernstein

In the news: Summer Selloff Puts HY Managers On Alert

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