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Primary stays on hiatus; secondary mixed as stocks slide; Bombardier off on Lear troubles
By Paul Deckelman and Paul A. Harris
New York, Aug. 24 – The high-yield primary market remained in its mid-summer holding pattern on Wednesday. Syndicate sources again reported no new deals having been announced, let alone having priced, a situation that is expected to continue at least until after next week’s Labor Day holiday weekend.
The secondary market also remained quiet on Wednesday, traders said.
Recently priced new deals mostly continued to trade at a premium to their respective issue prices and in some cases were even adding to those gains, such as the deals from Tallgrass Energy Partners, LP and Big Tex Trailers, although activity remained on the quiet side.
The overall market, which has recently been seen as well bid for, softened a little on Wednesday to more of a mixed bag, at least partially affected by the retreat in the equity markets.
One notable loser on the day was Bombardier, Inc., whose bonds lost some altitude after the Canadian aircraft manufacturer reported slower sales for its Learjet line of business jets, saying it would transfer some employees to other operations – and hinting that it could still announce layoffs if need be.
Bonds of private prison operator GEO Group, Inc. remained better bid for on Wednesday, continuing to rebound following last week’s swoon on the news that the Department of Justice will begin phasing out the use of privately run corrections facilities such as those run by GEO.
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