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Junk market quiet after sell-off; CNX improves, Transocean improves; athenahealth falls
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 14 – The domestic high-yield primary market was dormant on Wednesday following Tuesday’s flight from risk assets which drove the cash bond market down more than 1 point.
Meanwhile, the secondary space was either side of unchanged in light volume on Wednesday following Tuesday’s beating.
“Nobody wants to do anything,” a source said.
Sources described the lack of action as either “wait-and-see mode” or “deer-caught-in-headlight mode.”
While volumes were light, CNX Resources Corp.’s recently priced 7 3/8% senior notes due 2031 (B1/BB/BB+) remained active with the notes nominally improved although they remained under water.
Transocean Ltd.’s senior notes were the big winners of Wednesday’s session with the offshore drilling contractor’s capital structure jumping following the announcement of an exchange.
athenahealth Group Inc.’s 6½% senior notes due 2030 (Caa2/CCC/CCC+) were among the market laggards with the notes falling more than 2 points although they continued to trade tight to the CCC index.
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