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Primary quiet, but Downstream Development on tap; new T-Mobile better; EP leads oils up
By Paul Deckelman and Paul A. Harris
New York, Jan. 23 – Things quieted down drastically in the high-yield primary market on Tuesday – the first session in nearly two weeks that did not see any new dollar-denominated and fully junk-rated paper price.
Some $2.5 billion had come to market in two quickly shopped tranches during Monday’s session.
But Tuesday’s dearth of new issuance is not expected to last very long – syndicate sources said that price talk surfaced on tribal gaming operation Downstream Development Authority’s planned five-year secured notes deal, which could price after books close late Wednesday morning.
In the secondary realm, traders said that Monday’s big deal from wireless service provider T-Mobile USA, Inc. easily dominated the day’s Most Actives list, with both tranches of that two-part transaction seen having moved modestly higher in very heavy trading.
Friday’s megadeal from Meredith Corp. was also seen to be pretty active, though the publisher’s paper was little changed on the day.
Away from the new and recent deals, energy names were better, led by EP Energy Corp., which on Monday had had released a bullish 2018 outlook update.
The sector was also helped by a second straight session of firmer prices.
Intelsat SA’s several series of notes from its Luxembourg and Jackson subsidiaries were seen higher across the board, though on no specific news about the communications satellite company.
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