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Bausch Health megadeal, Syneos price; NRG in focus; MGM at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 18 – Wednesday's junk primary market action appeared to demonstrate that in a pandemic health and wellness is the place to be, as three tranches from two such issuers played to feverish demand.
Bausch Health Cos. Inc. priced an upsized megadeal and Syneos Health, Inc. also brought an upsized drive-by.
Meanwhile, it was a mixed day in the secondary space with the market opening strong but losing momentum as the session progressed and closing the day largely unchanged, a source said.
New deals continued to dominate the tape.
While the overall market was feeling heavy into the close, new paper continued to perform well.
NRG Energy, Inc.’s two tranches of senior notes (Ba2/BB+) were both trading with a premium in the aftermarket.
However, NRG’s longer duration notes were gaining momentum into the close while the shorter duration notes were losing it.
MGM Growth Properties Operating Partnership LP’s 3 7/8% senior notes due 2029 (B1/BB-/BB+) were also trading with a nominal premium in the aftermarket.
Rackspace Technology Global Inc.’s 5 3/8% senior notes due 2028 (Caa1/B-) continued to gain momentum in active trading with the notes rising to a 103-handle in active trading.
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