Morning Commentary: Adtalem notes on deck; high-yield secondary trading opens flat

By Abigail W. Adams

Portland, Me., Feb. 12 – The high yield primary market stood poised for a quiet session with only one dollar-denominated issue set to price.

Adtalem Global Education Inc. is on deck with a $650 million offering of seven-year senior secured notes (B1/BB-).

The deal is talked with a yield in the 5½% area. Books close at 11 a.m. ET with pricing expected thereafter, sources said.

Meanwhile, it was a quiet morning in the secondary space with the market largely unchanged.

Fund flows were mixed on Thursday, the most recent session for which data was available.

High-yield exchange traded funds added $293 million while actively managed funds saw outflows of $130 million.

The daily report comes on the heels of the weekly report that saw fund flows turn negative with $228 million leaving the space, according to the Refinitiv Lipper Fund Flow report.

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