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Published on 9/9/2020 in the Prospect News Bank Loan Daily, Prospect News Convertibles Daily, Prospect News Distressed Debt Daily, Prospect News Emerging Markets Daily, Prospect News Investment Grade Daily and Prospect News Private Placement Daily.

Primary prices whopping $7.4 billion; forward calendar grows; Tegna improves

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 9 – Nine issuers priced a combined 11 tranches of junk on Wednesday to raise a whopping $7.4 billion, as what has become a post-Labor Day torrent of new-issue business continued to play out.

Characteristic of a red-hot high yield market, all 11 tranches priced at the tight ends of talk.

Six of the nine issuers upsized their offerings.

Five of those issuers came as Wednesday drive-bys (see related stories in this issue).

Meanwhile, trading activity in the secondary space remained muted with focus on the active pipeline of new deals.

While Wednesday was a strong day, some institutional buyers were starting to leave the space, which some expected to become a growing trend, a source said.

However, new paper remained in demand and continued to see strong breaks.

Tegna Inc.’s recently priced 4¾% senior notes due 2026 (Ba3/BB-) were improved in active trading on Wednesday after a lackluster reception in the secondary space on Tuesday.

Outside of the new paper, Staples Inc.’s 7½% senior notes due 2026 made large gains in active trading.


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