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Volatility continues in secondary; Renewable Energy spikes on acquisition; Intelsat active; McAfee gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 28 – The high-yield new-issue market remained dormant during the final session of February.
While there are deals waiting on the sidelines, issuers are waiting for more stability in markets, sources said.
However, volatility continued in the secondary space on Monday, although the swings between the session’s highs and lows were decreasing.
While the market opened the day down about ¼ point, it rallied as the session progressed and closed the day largely unchanged.
The offers-wanted-in-competition lists outnumbered the bids-wanted-in-competition lists with buyers returning to the space, a source said.
Intelsat Jackson Holdings SA’s 6½% senior secured notes due 2030 were active following the company exit from bankruptcy.
Renewable Energy Group Inc.’s 5 7/8% senior secured notes due 2028 (B2/BB) were the largest gainers of Monday’s session with the notes spiking almost 8 points following Chevron’s acquisition of the company.
Condor Merger Sub, Inc.’s (McAfee Corp.) 7 3/8% senior notes due 2030 (Caa2/CCC+) returned to focus with the notes bouncing off their lows in active trading.
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