Someone Just Traded $600 Million of High Yield Funds

The New York Stock Exchange (NYSE) stands in New York, U.S., on Friday, Jan. 8, 2016. The Standard & Poor's 500 Index fluctuated near a three-month low as energy shares followed a retreat in crude, overshadowing early optimism on China's moves to restore calm to its sinking markets and data that showed U.S. payrolls surged more than expected in December.Photographer: Michael Nagle/Bloomberg

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By Carolina Wilson

April 12, 2018 at 6:56 PM UTC

This article is for subscribers only.

It looks like an investor has just traded a massive amount of high yield exchange-traded funds as three block trades worth more than $609 million hit the tape around 12:30 p.m. in New York.

The $9.1 billion SPDR Bloomberg Barclays high Yield Bond ETF, known by its ticker JNK, absorbed two block trades of about 9.7 million shares worth over $350 million, according to Bloomberg data. The $15.3 billion iShares iBoxx $ High Yield Corporate Bond ETF, or HYG, saw a trade of about 3 million shares worth $257 million, the data show.