Junk forward calendar eyed; HUB gains after soft break; Copeland active; DISH down

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 9 – The new issue market was inactive on Friday although the upcoming week promises to be busy with the forward and shadow calendars active.

Meanwhile, it was a flat end to a sideways week in the secondary space with the market turning its attention to the upcoming Federal Open Market Committee meeting.

With the broader market quiet as players awaited the next large catalyst for movement, new paper was the focus of trading activity with HUB International Ltd.’s 7¼% senior secured notes due 2030 (B2/B) dominating the tape.

HUB’s 7¼% notes were making gains in heavy volume after a weak break where the notes dipped below par.

Copeland’s 6 5/8% senior secured notes due 2030 (Ba3/BB-/BB-) were active although with little movement in price with Blackstone completing its acquisition late last week.

DISH Network Corp.’s senior notes were among the worst performers of Friday’s session after the company launched its wireless plan on Friday with no mention of a partnership with Amazon that sparked a rally in the notes over the past two weeks.

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