The average bid of LCD’s flow-name high-yield bonds dropped 40 bps in today’s reading, to 97.47% of par, yielding 7.48%, from 97.87% of par, yielding 7.31%, on Aug. 11. The reading was mixed, with nine of the 15 constituents in the red, versus two gainers, and four issues unchanged.
Today's decrease builds on Tuesday’s decline of 102 bps, for a net move lower by 142 bps week over week. DISH Networkled the decliners with its 5.875% notes due 2022 off two points, to 94.50. California Resources, which was Tuesday’s leading laggard, was today’s biggest gainer. The 6% notes rose one point, to 75.
The average bid is now down 208 bps dating back two weeks and off 260 bps in the trailing four weeks.
At 97.47, the average bid is now at its low for 2015. The previous low was 97.86 on July 28. However, it's still up 177 bps in the year to date due to a sample revision.