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Domestic junk market prices $1 billion; Medline joins calendar, existing notes rise
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 19 – In the dollar-denominated junk bond market on Tuesday two issuers priced deals, raising a combined total of $1 billion.
Medline Industries, LP, looking ahead, is expected to price on Wednesday.
Meanwhile, it was another quiet day in the secondary space with the cash bond market either side of unchanged as the Federal Open Market Committee convened.
While the market had a soft open, it pared its losses later in the session and closed with a firm tone, a source said.
With market players awaiting the new deals in the pipeline to break for trade and waiting on the Fed’s Wednesday announcement for greater clarity on rate cuts, trading volumes remained thin, the source said.
News of Medline’s latest offering kickstarted activity in the company’s outstanding notes, which were firmer in active trade.
Recent issues also continued to change hands with Vital Energy Inc.’s 7 7/8% senior notes due 2032 (B2/B) holding strong gains in active trade and Baytex Energy Corp.’s 7 3/8% senior notes due 2032 (B1/BB-/BB-) continuing to inch higher.
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