ADVFN - Advanced Financial Network.
HOME» NYSE » S » S Stock Price » S Stock News

Sprint Nextel Share News

 Sprint Nextel Corp Stock Price
S Stock Price
 Sprint Nextel Corp Stock Chart
S Stock Chart
 Sprint Nextel Corp Stock News
S Stock News
 Sprint Nextel Corp Company Information
S Company Information
 Sprint Nextel Corp Stock Trades
S Stock Trades

Junk-Bond ETF Shrinks By 6.5% On Record Outflow

By Katy Burne Of DOW JONES NEWSWIRES NEW YORK -(Dow Jones)- One of the largest U.S. exchange-traded funds for junk bonds saw its securities holdings fall by a record $869 million, or $6.5%, in the week ended Wednesday, after an investor reportedly redeemed shares in the fund in exchange for bonds, according to data provider Lipper. The $778 million withdrawal from the $12 billion ETF--the SPDR Barclays Capital High Yield Bond ETF (JNK), run by State Street Global Advisors, the asset management business of State Street Corp. (STT)--was more than twice the previous record outflow of $392 million, recorded April 11, Lipper added. The remaining shrinkage in the fund may have been due to its performance. The fund holds junk bonds issued by Clear Channel Communications, Ally Financial, Sprint Nextel (S) and others. Analysts at independent research firm CreditSights said in a note that the redemption in question occurred May 8. They said the market participant behind the move likely sought to create a desired portfolio of junk bonds as a result of the maneuver with the ETF provider, exchanging its units for the fund's bonds. One junk-bond specialist speculated that the firm may have tried to capture the premium or "spread" between the value of its existing holdings and the value of bonds implied by its shares in the ETF. The CreditSights analysts said markets "are abuzz" with the trade and what it means for the ETF market, and other investors in such funds. "Widely reported comments by a member of a firm that brokered the trade indicated that an investor assembled a position in the ETF with the intent of exchanging the shares for the underlying bonds as a means to implement a cash-bond portfolio," the analysts wrote. The firm behind the trade could not be learned, but only certain companies can trade directly with ETFs. Those are called "approved participants," and these are generally market makers in ETFs, said CreditSights. -By Katy Burne, Dow Jones Newswires; 212-416-3084; katy.burne@dowjones.com

Stock News for Sprint Nextel (S)
DateTimeHeadline
09/23/201614:33:08Statement of Changes in Beneficial Ownership (4)
09/22/201614:35:23Additional Proxy Soliciting Materials (definitive) (defa14a)
09/22/201614:09:23Proxy Statement (definitive) (def 14a)
09/20/201619:30:00Samsung Says Replacement Galaxy Note 7s Will Be Available Wednesday
09/20/201612:00:00Sprint Corporation Schedules Fiscal 2016 Second Quarter Results...
09/20/201609:00:00Sprint Making Big Improvements in the Big Apple
09/16/201612:50:00Apple Shares' Best Streak in More Than 2 Years
09/16/201604:30:00As iPhone 7 Hits Stores, Apple Devotees Click 'Buy'
09/15/201618:15:00Sprint Samsung Galaxy Note7 Customers Can Get Replacement Devices...
09/14/201611:00:00Sprint Announces Partnership with Transaction Network Services
09/13/201613:30:00Sprint CEO Marcelo Claure to Speak Sept. 20 at Goldman Sachs...
09/13/201613:20:00Apple Shares Rise on iPhone Reviews, Early Preorder Indications
09/13/201613:04:00Apple Shares Rise on iPhone Reviews, Early Preorder Indications
09/13/201611:00:00Boost Mobile Brings Back "Where You At?" in a Return to Form...
09/13/201609:51:00Sprint President and CEO Marcelo Claure Named Chairman of CTIA
09/13/201608:31:00Sprint Pre-orders of iPhone 7 and iPhone 7 Plus Increase Nearly...
09/12/201613:07:00Sprint Shares #1 for Overall Network Performance in Denver and...
09/12/201610:30:00Sprint Relay Earns Top Honors for Customer Care and Speed of...
09/09/201618:23:00Carriers Bring Back Subsidies With iPhone 7 Launch -- Update
09/09/201616:52:00Carriers Bring Back Subsidies With iPhone 7 Launch

Sprint Nextel and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad