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Jones DesLauriers prices; Teva, Ritchie, Alteryx at premiums; junk funds out $2.31 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 2 – On Thursday in junkland, Jones DesLauriers Insurance Management Inc., a broker partner of Navacord Inc., priced a $500 million issue of 8½% seven-year senior secured notes (B2/B-/B+) at par, in the middle of yield talk in the 8½% area.
Meanwhile, it was a volatile day in the secondary space with the market heavy in the morning as the 10-year Treasury yield moved firmly above 4%.
However, the market closed the day strong after dovish comments from a Federal Reserve official helped lift market sentiment.
Teva Pharmaceutical Finance Netherlands III BV’s dollar-denominated tranches (Ba2/BB-/BB-) opened the day with nominal premiums and gained strength alongside the broader market into the close.
Ritchie Bros. Holdings Inc.’s senior notes were among the outperformers of recent deals with its unsecured, longer duration tranche rising to a 101-handle by the market close.
Alteryx, Inc.’s 8¾% senior notes due 2028 (B3/B-) also bounced off their lows to close the day with a decent premium.
Funds lost $2.31 billion in the week through Wednesday’s close, according to the Refinitiv Lipper Fund Flows Report Newsline.
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