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Junk: Kendrion/Kevlar, Allwyn price; Clarios flat at par; DISH rebounds; Level 3 rises
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 21 – For new junk bond paper, the market turned to Europe, on Friday.
Meanwhile, it was a quiet session in the secondary space with new paper dominating the tape as liquidity in the broader market continued to thin.
While quiet, the secondary space firmed on Friday as investors shrugged off growing credit crunch concerns.
The cash bond market closed the day with an 1/8 to ¼ point gain after a flat open.
Clarios Global LP/Clarios US Finance Co., Inc.’s 6¾% senior secured notes due 2028 (B1/B+/B+) had a lackluster start in the aftermarket with the notes stuck at par in heavy volume.
DISH Network Corp.’s short-dated 5 7/8% senior notes due Nov. 15, 2024 (B3/B) wiped out their losses from the previous session with the notes returning to an 82-handle.
Lumen Technologies subsidiary Level 3 Financing, Inc.’s senior notes (B1/B) made large gains in thin volume following the completion of a distressed debt exchange for Lumen notes.
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