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Secondary junk volatile following CPI data, closes off lows; Delta unchanged post-earnings
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 13 – An investor call was held on Wednesday for the only deal actively in the junk bond primary market, a financing transaction backing the buyout of Cornerstone Building Brands, Inc. by Clayton, Dubilier & Rice.
Meanwhile, it was another volatile day in the secondary space on Wednesday following the release of the latest Consumer Price Index report, which blew past expectations.
However, volume remained light with large, liquid issues continuing to drive activity in the space.
Delta Air Lines Inc.’s split-rated 7 3/8% notes due 2026 (Baa3/B+) were largely unchanged following mixed earnings.
Crude oil futures wavered between gains and losses on Wednesday after plummeting more than 7% the previous session.
While the steep drop in crude oil futures fueled the debate about whether inflation had peaked, energy names were softer alongside the commodity.
Transocean Inc.’s senior notes continued their strong downtrend on Wednesday.
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