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TransDigm, Baytex hold premiums; Vital Energy adds; Encore outperforms in junkland
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 15 – On a quiet Friday in the junk bond primary market, the secondary space closed the week on soft footing with the cash bond market off another 1/8 point, a source said.
While the market was largely sideways following Tuesday’s Consumer Price Index print, the Producer Price Index report released Thursday sent a risk-off sentiment through the market.
New issues remained in focus with recent deals continuing to put in strong aftermarket performances.
Encore Capital Group, Inc.’s 9¼% senior secured notes due 2029 (Ba2/BB+) outperformed with buyers continuing to chase the notes in the secondary.
Vital Energy Inc.’s 7 7/8% senior notes due 2032 (B2/B) continued to add after a strong break.
TransDigm Inc.’s 6 3/8% senior secured notes due 2029 (Ba3/B+) moved in a flurry of activity following the sizeable add-on that priced during Thursday’s session.
While below their previous levels, the notes held a healthy premium to the add-on price.
Baytex Energy Corp.’s 7 3/8% senior notes due 2032 (B1/BB-/BB-) also maintained the healthy premium to their discounted offer price gained on the break despite a soft day for the market.
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