Fidelity High Income Fund
MDC Partners Issued the Most Junk Bonds in the Week to March 18
MDC Partners (MDCA) offers marketing and communication network services. It issued dollar-denominated junk bonds worth $900 million on March 18.
Why High Yield Bond Market Issuance Gained Traction Last Week
High yield bond issuance activity gained traction last week on improved Market sentiment. The total US dollar-denominated issuance of high yield debt is $60.8 billion in 2016 YTD.
Intelsat Jackson Issued Most Junk Bonds in the Week Ended March 24
Continuous improvement in market conditions resulted in the highest year-to-date (or YTD) high-yield bond issuance in the primary market last week.
Prime Security Services Issued the Most Junk Bonds Last Week
Prime Security Services is a subsidiary of Apollo Global Management (APO). It issued junk bonds worth $3.14 billion on April 20.
Why High-Yield Bond Market Issuance Slowed Last Week
Last week brought the total US dollar-denominated issuance of high-yield debt to $61.6 billion YTD in 2016—47.0% lower compared to the same period in 2015.
WDC Issued the Most Junk Bonds in the Week Ended April 1
WDC issued dollar-denominated junk bonds worth $5.2 million on March 30, 2016. It intends to use the proceeds to finance its proposed merger with SanDisk.
How Big Were Masco’s and First Data’s Bond Issuances Last Week?
Both Masco Corporation and First Data Corporation issued dollar-denominated junk bonds worth $900 million last week.
Junk Bond Issuance Rose as Equity Markets Rebounded
Mutual Funds such as the PIMCO High-Yield Fund Class A (PHDAX) and the Fidelity High Income Fund (SPHIX) invest in junk bonds.
Illiquidity Won’t Influence SPHIX Immediately
SPHIX isn’t under the threat of illiquidity immediately. Given its N-Q filing, even if liquidity dried up more, it wouldn’t be in trouble.
First Data Issued the Most Junk Bonds in the Week to October 30
First Data (FDC) issued junk bonds worth $3.4 billion last week. The senior notes were rated Caa1/B and carried a coupon of 7.0%.