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Junk bond shadow calendar eyed; Ford flat; Coinbase under pressure
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 6 – Nothing happened in front of the cameras in the high-yield primary market on Tuesday.
However, there was a substantial amount of behind-the-scenes scuttlebutt suggesting that the new issue pace will pick up sooner rather than later with megadeals from HUB International Ltd. and Univar Solutions Inc. expected in addition to a $570 million offering from Fortrea.
Meanwhile, it was another sideways day in the secondary space with the cash bond market either side of unchanged.
However, the market closed with a firm tone with the CDX index eliminating a ¼ point drop early in the session to close with a ¼ point gain, a source said.
New paper and topical news were the drivers of activity in the space as the market awaited the deals in the pipeline.
Ford Motor Credit Co. LLC’s newly priced tranches (Ba2/BB+/BB+) dominated activity in the secondary space albeit with little movement in price with the notes holding the nominal gains made on the break.
Coinbase Global, Inc.'s two tranches of senior notes (B1/BB-) led losses on Tuesday after the Securities and Exchange Commission filed a lawsuit against the crypto-exchange in an acceleration of its crackdown on crypto companies.
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