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05 August 2014 by HCM

The US High Yield complex has been under a heavy selling pressure in July. The asset class has underperformed most other asset classes. MNI (The McClatchy Company ) provided some relief in the HY market today in selling to GCI (Gannett Co., Inc.) its share in the company. MNI CDS is 100bps tighter and the CDS is correcting part of the recent weakness. MNI is a B- company, the cash should substantially improve its credit metrics. At the same time, GNI CDS is 10bps wider. GNI intends to split its publishing business (US TODAY) from its broadcasting and digital business and at the same time taking the control of All in all, business simplification is good in an asset space under pressure