Verisure prices; junk secondary bounces off lows; crossover names in demand; Citrix jumps

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 28 – Verisure Holding AB, from Switzerland, worked its way off the junk bond calendar and through pricing on Wednesday.

Meanwhile, the secondary space bounced off its lows on Wednesday with risk assets “on fire” after the Bank of England announced a new bond buying program to help stabilize its currency and bond market, as both have been reeling since the passage of tax cuts.

The cash bond market gained 3/8 point and the CDX index was up more than 1 point after hitting its lowest level of the year the previous session.

The market was up 1˝ points in a single session with the “Fed put,” or idea the central bank will not let markets fail, in full effect, a source said.

High-quality credits and crossover names were in demand as Treasury yields fell and credit spreads tightened.

Delta Air Lines Inc.’s 7 3/8% senior notes due 2026 (Baa3/BB) and Sprint Corp.’s 7 7/8% senior notes due Sept. 15, 2023 (Baa3/BB+) and 6 7/8% senior notes due 2028 (Baa3/BB+) were on the rise in heavy volume.

However, Citrix Systems Inc./Tibco Software Inc. 6˝% senior secured notes due 2029 (B2/B) were among the most active in the secondary space as the notes reclaimed their former heights in the market rally.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.