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Published on 1/2/2020 in the Prospect News Bank Loan Daily, Prospect News Convertibles Daily, Prospect News Distressed Debt Daily, Prospect News Emerging Markets Daily, Prospect News Investment Grade Daily and Prospect News Private Placement Daily.

Secondary trading volume light; Harland Clarke gains; Maxar Technologies active

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 2 – The domestic high-yield primary market launched the new year quietly with no new deals on the tape.

However, the primary market is expected to return to business during the Jan. 6 week with a potential offering from Presidio Holdings Inc. eyed.

Meanwhile, the secondary space was firm on Thursday. However, it continued to see light trading volume with the midweek holiday dampening activity in the space, sources said.

Few names were active on the tape and those that did trade were mostly moving sidewise.

Harland Clarke Holdings Corp.’s 8 3/8% senior notes due 2022 were among the few issues to see notable movement with the bonds posting gains.

Rite Aid Corp.’s 6 1/8% senior notes due 2023 remained active in the secondary space with the notes continuing their upward trajectory following a late December earnings beat.

While flat, Maxar Technologies Inc.’s 9¾% senior notes due 2023 were active following news of the sale of a subsidiary.

Charter Communications Inc.’s 4¾% senior notes due March 1, 2030 (B1/BB/BB+) and Calpine Corp.’s 5 1/8% senior notes due 2028 remained the most active out of the deals to price in the final weeks of 2019.

However, they were also largely unchanged.


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