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High Yield Bond Trading Prices Post Biggest Gains in 2 Months

The average bid of LCD’s flow-name high-yield bonds climbed 73 bps in today’s reading, to 102.45% of par, yielding 6.05%, from 101.72, yielding 6.28%, on July 13. Within the 15-bond sample, there were 13 gainers, one decliner, and one issue was unchanged.

The average bid is now 65 bps higher over the last two weeks and 47 bps higher over the last four weeks. Today’s result shows the largest gain since the May 23 reading, when the average bid was 101.55, representing an increase of 82 bps.

The largest gainer was Frontier Communications 11% notes due 2025, which increased 1.5 points, to 89.5. Gains of 1.25 points were recorded for Community Health 6.875% notes due 2022, at 90.25; Valeant Pharmaceuticals 5.875% notes due 2023, at 87.25; Post Holdings 5% notes due 2026, at 101; and Sprint 7.875% notes due 2023, at 114.75.

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This story first appeared on www.lcdcomps.com, an offering of S&P Global Market Intelligence. LCD’s subscription site offers complete news, analysis and data covering the global leveraged loan and high yield bond markets. You can learn more about LCD here.

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