Junk trading flat; Tenneco strengthens; Valaris active; Level 3 pressured on downgrade

By Paul A. Harris and Abigail W. Adams

Portland, Me., Aug. 22 –It was a quiet and flat day in the junk bond secondary space on Tuesday with little to move the market as it enters the doldrums of summer, a source said.

While there may be some volatility surrounding Federal Reserve chair Jerome Powell’s Friday speech from Jackson Hole, market players anticipate a quiet end to the summer.

In traded issues, Tenneco Inc.’s recently priced 8% senior secured notes due 2028 (B1/B) continued to add in heavy volume after dropping about 4 points below their deeply discounted issue price the previous week.

Valaris Ltd.’s 8 3/8% senior secured second-lien notes due 2030 (B2/BB/BB-) were active although with little change in price.

Level 3 Financing, Inc.’s senior notes were under pressure on Tuesday with the notes falling 1 to 3 points following a credit downgrade.

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