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Junk: Maxar active, unchanged; Southwestern Energy softens; Citrix back on 84-handle
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 20 – The junk bond primary market remained idle on Tuesday, and is expected to remain that way until January, sources say.
Meanwhile, weakness continued in the secondary space with the cash bond market off another ¼ point to mark its fourth consecutive day of losses.
However, end-of-year illiquidity continued to set in with large, liquid issues continuing to drive trading activity.
Maxar Technologies Inc.’s 7¾% senior secured notes due 2027 (B2/B+) were trading on heavy volume on Tuesday although with little movement in price after skyrocketing to their current level last Friday following news of an acquisition.
Southwestern Energy Co.’s 4¾% senior notes due 2032 (Ba2/BB+) were weaker in heavy volume, which sources attributed the movement to end of year repositioning.
Citrix Systems Inc./Tibco Software Inc.’s 6½% senior secured notes due 2029 (B2/B) returned to an 84-handle on Tuesday after breaking above an 87-handle in early December.
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