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Primary prices $2.47 billion; Empire in demand; Weatherford on a 102-handle; Arko below par
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 15 – It was another busy session for the high-yield primary market with three issuers expected to price $2.47 billion over five tranches.
Meanwhile, the risk-on sentiment continued in the secondary space with the cash bond market up another 1/8 to ¼ point following Thursday’s rally.
While the overall cash-bond market rallied over the past two sessions, rate-sensitive names were slow to participate although the selling pressure did wane.
Low-coupon, longer-duration bonds “seemed to have found a floor, but they’re not really being bid for,” a source said. “Guys are still looking to manage their rate risk.”
New and recent issues continued to dominate the tape although with mixed performances.
Empire Resorts, Inc.’s 7¾% senior secured notes (B+/BB+) were the major gainers of Friday’s session with the notes climbing to a 102-handle heading into the market close.
Weatherford International Ltd.’s 8 5/8% senior notes due 2030 (B3/CCC+) were also performing well with the notes on a 102-handle.
However, Vertiv Group Corp.’s 4 1/8% senior secured notes due 2028 (B1/BB-) largely fell flat in the secondary space.
And Arko Corp.’s 5 1/8% senior notes due 2029 (B3/B-) underperformed with the notes sinking below par during Friday’s session.
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