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Junk primary market stages $5.38 billion midweek comeback; Endo jumps on opioid settlement
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 21 – A big Wednesday session in the high-yield new issue market saw four issuers price five tranches, raising a combined total $5.38 billion.
Meanwhile, it was another strong day in the secondary space with the market nearly wiping out its losses from Monday’s rout.
The cash bond market was up another ¼ point with the energy sector leading the market higher as crude oil futures surged.
Several energy names were bid up as WTI crude oil futures jumped to settle at $70.32, an increase of $3.12 or 4.64%.
However, Endo Finance LLC’s 6% senior notes due 2028 (Caa2/CCC+) were once again the major gainers in the secondary space following news of a settlement of its opioid litigation in Tennessee.
Meanwhile, as Carnival’s latest offering was in the works, the cruise line operator’s 5¾% senior notes due 2027 were posting gains in active trading.
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