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Junk primary quiet on Friday; Chart holds premium; Navacord tucked away; Medline active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 9 – A surprisingly busy week for the junk bond primary week might mean there is more new business to follow before the end of the year, especially in light of the positive receptions to recent deals.
Meanwhile, the cash bond market’s strong open gave way to a sideways day with the market unchanged after the latest economic data point suggested continued inflation and a hawkish Fed.
However, illiquidity continued to set in with activity light outside of new paper.
Chart Industries, Inc.’s two tranches of senior notes remained active with the notes unchanged after making strong gains on the break.
While new paper from Chart continued to dominate activity in the secondary space, Jones DesLauriers Insurance Management Inc.’s (Navacord Corp.) 10½% senior notes due 2030 (Caa2/CCC/CCC+) were nowhere to be seen with the notes largely tucked away, although they were quoted above their discounted issue price.
Medline Industries’ junk bonds continued to actively trade although with little movement in price.
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