Primary closed for the year, sources say; QEP gives back some gains; Diamond Sports active

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 22 – The primary market failed to generate any news on Tuesday with liquidity low and market players using the end of the year slowdown as an occasion to use up vacation time.

High-yield issuance has almost certainly run its course for 2020, market sources say.

Meanwhile, the secondary space was equally quiet on Tuesday with activity continuing to wind down as accounts prepare to close the books on 2020.

QEP Resources Inc.’s junk bonds continued to dominate the tape with the notes coming in slightly after their meteoric rise the previous session.

While crude oil futures continued to trade off, Antero Resources Corp.’s recently priced 8 3/8% senior notes due 2026 (B3/B) returned to a 101-handle.

Several other recently priced energy names continued to hold, despite the downturn in crude oil futures.

Outside of some topical activity, trading in the secondary space was largely limited to highly liquid issues.

Diamond Sports Group LLC and Diamond Sports Finance Co.’s 5 3/8% senior secured notes due 2026 were active with the notes making a nominal gain.

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