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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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