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Euro junk bond primary active; Charter, Commercial Metals below par in volatile space
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 18 – On Tuesday, the U.S. high-yield primary market was off to a slow start with new issue action reported only out of Europe.
Meanwhile, volatility continued in the secondary space with the market down 3/8 point, a trader said, as the 10-year Treasury yield hit a new two-year high.
The 10-year Treasury yield firmly crossed the 1.8% threshold, hitting as high as 1.879% before closing the day at 1.872%.
Rate-sensitive names remained under pressure with several recent issues weaker on Tuesday.
Charter subsidiaries CCO Holdings LLC and CCO Holdings Capital Corp.’s 4¾% senior notes due 2032 (B1/BB+/BB+) sank below par in high-volume activity.
Commercial Metals Co.’s 4 3/8% senior notes due 2032 (Ba2/BB+/BB+) also traded below par.
However, Range Resources Corp.’s 4¾% senior notes due 2030 (B1/BB-) held onto its premium in active trading on Tuesday as crude oil futures continued to soar.
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