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Garda, FXI, Virgin clear the calendar; Clarivate expected for Friday; Tesla gains
By Paul A. Harris and James McCandless
Portland, Ore., Oct. 24 – In the high-yield primary on Thursday the calendar thinned as issuers concluded varying roadshows.
Garda World Security Corp., FXI Holdings, Inc. and Virgin Australia Holdings Ltd. combined to bring nearly $2 billion of new paper to the junk bond market.
Friday is expected to be active with Clarivate Analytics plc (Camelot Finance SA) in the market with $500 million and an eye out for Blackboard Inc.’s $243 million of five-year notes.
The high yield secondary market was awash with new issuance on Wednesday.
New notes priced by American Builders & Contractors Supply Co., Inc., Liberty Cablevision of Puerto Rico and Netflix, Inc. garnered most of the day’s attention.
Meanwhile, Tesla, Inc.’s issues gained after posting mixed third-quarter results.
Separately, over $1 billion of inflows came into the dedicated high-yield bond funds for the week that concluded at Wednesday's close.
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