Junk secondary closes volatile quarter quietly; Novolex, Churchill at a premium; Talen dives

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 31 – Following Wednesday's comparatively busy session which saw $2.83 billion of new issuance, the primary market went back on stand-by Thursday with no deals pricing or announced.

While the overall market was quiet on Thursday as accounts closed their books on the quarter, new paper was in focus and putting in a strong performance.

Churchill Downs Inc./CDI Escrow Issuer Inc.’s 5¾% senior notes due 2030 (B1/B) maintained a healthy premium in active trading.

However, Clydesdale Acquisition Holdings, Inc.’s (Novolex) recently priced tranches were mixed with the unsecured notes falling flat while the secured notes climbed more than 1 point.

Meanwhile, outside of new and recent issues, Talen Energy Supply LLC’s distressed 10½% senior notes due 2026 (Caa2/CCC/CCC) nosedived in active trading with a large seller in the market and speculation the company would file for bankruptcy soon.

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