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Enerflex better than issuance; Tibco softens; Credit Suisse up; Royal Caribbean drops
By Cristal Cody and Paul A. Harris
Tupelo, Miss., Oct. 7 – The junk bond primary market remained idle on Friday.
The Oct. 3 week saw one issuer place $625 million of speculative-grade bonds in a single tranche.
Enerflex Ltd. priced the issue of 9% five-year senior secured notes (B2/BB-/BB-) at 90.676 to yield 11½%, 25 basis points inside of yield talk, on Thursday, in a deal heard to have been playing to a quality book containing orders from more than 100 accounts, according to a sellside source.
Enerflex’s new notes remained more than 2 points better in secondary trading Friday after hitting the primary market Thursday.
Other recent new high-yield bonds also saw some of the day’s heaviest secondary interest, sources said.
Tibco Software Inc.’s 6½% notes due 2029 (B2/B) gave back 7/8 point to head out at 85 7/8 bid, a source said.
Credit Suisse Group AG junk paper improved as the bank launched up to a $2 billion tender offer for dollar bonds and capped off a week of restructuring chatter.
Credit Suisse’s 9½% perpetual notes traded 2½ points better Friday, while the 6¼% perpetual securities were nearly ¾ point higher, a source said.
Royal Caribbean Group’s paper continued to decline in heavy trading over the day.
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