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;

Stock News for Sprint Nextel (S)
07/29/201612:52:00Sprint Lures Monsters to PokéStops Using Its Direct 2 You Cars
07/29/201610:57:09Amended Annual Report (10-k/a)
07/29/201609:57:00Gabriel Torres Joins Sprint as President of the New England Region
07/28/201606:00:00DSG Global Inc. (OTCQB: DSGT) Partners with Sprint Corp. (NYSE:...
07/28/201603:30:00SoftBank Net Profit Rises 19%
07/25/201610:44:00Sprint Unveils Second TV Ad Starring Paul Marcarelli, the Actor...
07/25/201607:38:34Current Report Filing (8-k)
07/25/201607:30:00Sprint Reports Highest First Quarter Postpaid Phone Net Additions...
07/21/201615:50:00Sprint Announces Opening of Great Plains Regional Headquarters...
07/21/201613:45:00Sprint Names Ismat Aziz Senior Vice President of Human Resources
07/21/201611:51:00Sprint to Donate $1 Million in Product and Services to Help Keep...
07/21/201608:10:00SoftBank's Son Lays Out Future of Smart Robots, Emotional Cars
07/19/201601:30:00SoftBank Shares Tumble as Investors Question ARM Deal
07/18/201609:00:00Numerex Launches mySHIELD SOS Powered by the Sprint Network
07/16/201611:08:00Power Up to Play On: Sprint Stores Offer 50 Percent Off Mophie...
07/15/201619:58:00Sprint Waives Fees To and From Turkey Following Military Coup...
07/15/201619:29:00Sprint Keeps Pokémon GO Monster Hunters in the Game by Offering...
07/15/201609:00:00Virgin Mobile USA Leverages Kansas City's Entrepreneurial and...
07/14/201623:04:00Sprint Waives Fees To and From France Following Bastille Day...
07/14/201619:07:00Attention Monster Hunters: Sprint and Boost Mobile Stores Become...

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