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Guitar Center adds on; HY secondary erases gains; rate-sensitive names down; Macy’s dips
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 10 – Guitar Center, Inc. priced a drive-by deal in the junk bond primary market on Thursday.
One more calendar may be staged for pricing on Friday.
Meanwhile, the rally that drove the secondary space up about 1 point on Wednesday proved to be short-lived with the market again under pressure following the latest consumer price index report.
The secondary space was down ½ to 1 point on Thursday with rate-sensitive names among the hardest hit as the 10-year Treasury yield again brushed up against the 2% threshold.
However, the market showed some signs of stability even amid the weakness on Thursday, a source said.
Charter Communications’ split-rated senior notes were lower as rate risk returned to focus and the company prepped a new investment-grade offering.
Charter subsidiary CCO Holdings LLC’s 4¾% senior notes due 2032 also traded down following a rating downgrade on the heels of Charter’s latest offering.
After rallying the previous session, Macy's Retail Holdings LLC’s two tranches of senior notes (Ba2/BB/BBB-) sank back below par in active trading.
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