(Bloomberg) -- A rally in Freeport-McMoRan Copper & Gold Inc.'s newest bonds marks a one in 3,000 event for the corporate debt market, according to high-yield, high-risk securities analyst Martin Fridson.
Prices on $6 billion of junk bonds sold by the Phoenix-based company March 14 in the biggest such offering since the 1980s have risen as much as 12 cents on the dollar, according to Trace, the bond-price reporting system of the NASD. The gains drove yields on some of the securities down 1.76 percentage points.
Read more at Bloomberg Bonds News
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