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Endo, DirecTV active; CommScope improves; Freeport-McMoRan gains in low-grade secondary
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 31 – The junk bond primary market remained shuttered on Tuesday, and is expected to remain so until the post-Labor Day period.
Sources were divided on what to expect when the primary market resumes in September with some expecting a continuation of high-volume activity while others see a slower pace.
Meanwhile, the secondary space was unchanged on Tuesday with volume light.
Topical news, large liquid issues and end-of-month activity were the primary drivers of activity.
Endo Finance LLC’s 9½% senior secured notes due 2027 were in focus with the notes off slightly following the loss of a patent on one of its top-selling products.
DirecTV Entertainment Holdings LLC’s 5 7/8% senior secured notes due 2027 (Ba3/BB/BBB-) were active although with little change in price.
CommScope, Inc.’s 4¾% senior secured notes due 2029 (Ba3/B) were nominally improved in active trading.
Freeport-McMoRan Inc.’s longer-dated senior notes rose more than 1 point, which may be a play on the commodities the company mines.
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