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Euro primary active, domestic on hold; junk selling sets in post-CPI; Vistra, Melco below par
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 10 – It was an all-Europe show in the Wednesday primary market, as the syndicate desks in London poured forth a steady stream of news.
A trio of single-tranche, euro-denominated issuers raised a combined total of €1.6 billion.
Meanwhile, it was a heavy day in the secondary space on Wednesday with a hotter-than-expected Consumer Price Index report crushing market expectations for a June rate cut.
“It was a terrible report,” a source said.
The cash bond market fell ½ to ¾ point as Treasury yields surged with the market once again downwardly revising rate cut expectations.
The selling pressure took its toll on some recent deals.
Taseko Mines Ltd.’s 8¼% senior secured notes due 2030 (B3/B-/B-) was no exception with the notes holding on to the strong gains made on the break despite the heaviness in the market.
However, Vistra Operations Co. LLC’s 6 7/8% senior notes due 2032 (Ba2/BB/BB) and Melco Resorts Finance Ltd.’s 7 5/8% senior notes due 2032 (Ba3/BB-) sank below par in active trade.
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