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
04/14/201411:00:14T-Mobile to Eliminate Overage Charges on Consumer Plans
03/03/201418:52:43U.S. Sues Sprint, Alleging It Overbilled Law Enforcement for...
03/03/201418:36:18U.S. Sues Sprint, Alleging It Overbilled Law Enforcement for...
02/25/201420:20:08T-Mobile Loss Widens on Higher Expenses
02/11/201417:19:25MARKET SNAPSHOT: U.S. Stocks Extend 4-day Winning Streak
02/11/201413:45:13MARKET SNAPSHOT: U.S. Stocks Rally On Yellen Testimony
02/11/201411:11:35MARKET SNAPSHOT: U.S. Stocks Rise; Yellen Keeps Fed Policy Intact
02/11/201411:10:29MARKET SNAPSHOT: U.S. Stocks Edge Higher; Yellen Sounds Dovish
02/11/201409:38:44U.S. Hot Stocks: Hot Stocks to Watch
02/11/201408:20:18Sprint Loss Narrows on Subscriber Improvement
02/10/201409:30:19U.S. HOT STOCKS: Hot Stocks to Watch
01/28/201420:40:25U.S. Skeptical on Sprint's Possible T-Mobile Deal
01/21/201408:30:12Verizon Swings to Profit amid Subscriber Growth
01/14/201410:40:21Shire Sees 2013 EPS Growth at Upper End of Guidance
01/06/201416:42:20U.S. Hot Stock Futures: Hot Stocks to Watch
01/03/201416:53:22MARKET SNAPSHOT: U.S. Stocks End Mostly Lower After Bernanke...
01/03/201413:46:46MARKET SNAPSHOT: U.S. Stocks Volatile As Fed Officials Speak
01/03/201411:18:11MARKET SNAPSHOT: U.S Stocks Edge Higher As Fed Officials Speak
01/03/201411:07:17MARKET SNAPSHOT: U.S Stocks Rise Ahead Of Fed Speakers
01/02/201416:39:06MARKET SNAPSHOT: U.S. Stocks Drop Sharply; Dow Off 135 Points

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 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad