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Primary sells two deals; PetSmart on deck; new paper trades up; funds lose $2.513 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 29 – Primary market news flow tapered off on Thursday, and is apt to continue to decrease ahead of the Nov. 3 elections in the United States, sources say.
A pair of deals priced on Thursday.
Meanwhile, the secondary space stood poised for another ugly session at the market open.
However, the tone improved following positive economic data and the secondary space closed the day largely unchanged, a source said.
The deals to clear the primary market during Thursday’s sell-off were performing well in the secondary space.
P&L Development, LLC 7¾% senior notes due 2025 (B3/B-/B), Academy Ltd.’s 6% senior notes due 2027 (B2/B) and United Shore Financial Services, LLC’s 5½% senior notes due 2025 (Ba3//B+) were all trading with premiums in the secondary space.
However, Academy’s new notes were trading off their high heading into the market close.
Meanwhile, high-yield mutual and exchange traded funds had $2.513 billion leave the space, according to the Refinitiv Lipper US Fund Flows report.
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