High-yield primary, secondary quiet amid market volatility; VMED, Diamond Sports gain

By Abigail W. Adams

Portland, Me., Dec. 3 – It was a quiet day in junkbondland with the primary market again dormant.

While market players were forecasting $15 billion to $25 billion of new supply in December, there is only one deal on the forward calendar – II-VI Inc.’s $990 million offering of eight-year non-call three-year senior notes (B2/B+).

The secondary space was equally quiet on Friday with the new deal pipeline drying up and volatility continuing to roil risk assets.

While the secondary space started the day largely unchanged, it grew weaker as the session progressed as selling resumed in equities following more hawkish comments from Federal Reserve officials.

However, with the recent weakness in the market, some accounts have been bargain shopping and adding to their positions.

VMED O2 UK Financing I plc’s 4¾% senior secured green bonds due 2031 (Ba3/BB-) were on the rise in active trading.

Diamond Sports Group LLC’s junk bonds were among the major gainers of the day following news the struggling broadcast unit renewed a deal with the National Hockey League.

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