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Three junk issuers sell $2.18 billion; US Foods in focus; NGL gains; AMC flat
By Paul A. Harris and Abigail W. Adams
Portland, Ore., Jan. 26 – Three issuers crossed the finish line on Tuesday with single-tranche dollar-denominated deals, raising a combined total of $2.18 billion.
Executions continued to be tight, as late into January the primary market has seen few, if any, sloppy 2021 executions.
“Investors continue to have a lot of cash to put to work in high yield,” a senior sellside official said, adding that at present the drive to be invested far outweighs caution, among investors.
Meanwhile, new paper continued to dominate the tape.
NGL Energy Partners’ 7½% senior notes due 2026 (B1) were in focus. While the notes were trading off their highs, they continued to perform well.
US Foods, Inc.’s 4¾% senior notes due 2029 (Caa1/B+) were also up slightly in active trading after a strong break.
AMC Networks Inc.’s 4¼% senior notes due 2029 (Ba3/BB) were trading with a slight premium during Tuesday’s session although they lost momentum as the session progressed and closed the day flat.
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