Junk quiet pre-holiday; Medical Properties Trust off, Valeant up; Kindred ends week up

By Paul Deckelman and Paul A. Harris

New York, Dec. 22 – The high-yield market saw a very quiet, abbreviated pre-holiday session on Friday, market participants said.

Syndicate sources reported no new-deal activity during the day, and, not surprisingly, none expected in the coming week, the final week of 2017.

They said that only two issues, collectively generating $353 million of new dollar-denominated and fully junk-rated new paper, had priced during the week.

In the secondary arena, traders reported little actual trading in the shortened session.

The only name that really stood out, in terms of either volume or price movement, was in Medical Properties Trust Inc.; the healthcare REIT MPT Operating Partnership, LP’s notes moved lower, although traders did not immediately see any fresh news out that might explain the move in the credit, which is normally not seen trading around that much.

Among the more familiar issues, Canadian drug manufacturer Valeant Pharmaceuticals International, Inc.’s recently priced eight-year notes were firmer, in what passed for reasonably active trading on a very quiet day.

Away from the new deals, Kindred Healthcare Inc.’s bonds were quiet on the session – but were seen ending the week well up from where they had been the previous Friday, after having firmed smartly throughout the week on the news that the hospital and rehabilitation center operator and home healthcare services provider is going to be sold to insurer Humana Inc. and several private-equity firms.

© 2015 Prospect News.
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