Junk secondary lower as investors flee risk ahead of long weekend; CSC down; Mednax active

By Abigail W. Adams and Paul A. Harris

Portland, Me., Feb. 18 – The domestic high-yield primary market remained shuttered and the secondary space remained under pressure on Friday as investors fled risk before the long weekend.

Continued tensions in the Ukraine remained an overhang on a market already repricing itself in preparation for a higher rate environment, a source said.

While there were sizeable Bids-Wanted-in-Competition lists circling on Friday, the selling activity was orderly and trading volumes light, a source said.

Altice USA Inc. subsidiary CSC Holdings LLC’s junk bonds remained in focus with the notes continuing their downward momentum.

Mednax, Inc. 5 3/8% senior notes due February 2030 (Ba3/B+) were also active following the company’s earnings report. However, the notes were unchanged on the week.

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