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Kenan Advantage deal prices; European market busy; energy better; funds gain $81.8 million
By Paul Deckelman and Paul A. Harris
New York, July 23 – The high-yield primary market saw one deal price on Thursday. Kenan Advantage Group Inc. came to market with a regularly scheduled $405 million issue of eight year notes.
Traders reported no immediate aftermarket dealings in the bulk liquid transportation services company’s new notes.
The European wing of the junk bond market meantime remained a busy place, with Germany’s Labco/Synlab, Switzerland-based Dufry Group SCA and Belgian issuer Balta Group all getting euro-denominated bond deals done during the session.
Back in the domestic junk market, traders saw an upturn, or at least a steadying, in some of the issues that had been getting whacked around earlier in the week, particularly in the energy sector, including names like Chesapeake Energy Corp., SandRidge Energy Inc. and California Resources Corp.
Statistical measures of junk market performance were lower all around for a fifth consecutive session on Thursday.
But another statistical signpost – flows of funds into or out of high-yield mutual funds and exchange-traded funds, considered a reliable indicator of junk market liquidity trends – saw a third straight upturn in as many weeks as $81.8 million more came into those funds than left them.
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