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Global Partners breaks ice, but more new junk soon; First Quantum surges on buyout murmurs
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 3 – Global Partners LP brought the first bond deal to the junk market in the new year.
Market participants indicated they are expecting a rapid pickup in the primary now that the first new paper is circulating.
Meanwhile, the secondary space remained weak on Wednesday with the cash bond market shedding another 3/8 to ½ point.
While the broader market was weak, there was an uptick of activity in the secondary space as the first new paper was released and topical news drove activity in outstanding issues.
First Quantum Minerals Ltd.’s capital structure surged on Wednesday as news circulated that Barrick Gold Corp. was sounding out a potential takeover of the company with investors.
While topical news catapulted First Quantum higher, the broader market drifted lower.
Tenet Healthcare Corp.’s 6 1/8% senior notes due 2028 (B3/B-), for instance, were weaker alongside the broader market in active trade.
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