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AA in tailspin; Diamond trades off; energy tanks; funds see record $4.2 billion outflow
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 27 – The domestic high-yield primary remained on the sidelines as coronavirus-induced volatility continued to wreak havoc on markets.
There was no word on the timing of the few deals on the forward calendar.
Meanwhile, the sell-off in the secondary space intensified on Thursday with most names and sectors getting hit.
While it was a “tough day” for the market, the selling activity still had not yet crossed the threshold of panic, a market source said.
American Airlines Group Inc.’s recently priced 3¾% senior notes due 2025 (B1/BB-/BB-) continued their tailspin on Thursday.
Diamond Sports Group LLC and Diamond Sports Finance Co.’s 5 3/8% senior notes due 2026 and 6 5/8% senior notes due 2027 hit their lowest level since pricing.
The energy sector took the brunt of Thursday’s sell-off with almost 1/3 of the sector in distressed territory.
Chesapeake Energy Corp.’s 11½% senior notes due 2025, Continental Resources, Inc.’s 4.9% senior notes due 2044 and Whiting Petroleum Corp.’s 5¾% senior notes due 2021 traded down double digits on Thursday.
High-yield mutual and exchange-traded funds saw a record outflow of $4.198 billion for the week through Wednesday’s close, according to Refinitiv Lipper US Fund Flows.
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