ION on tap; junk secondary weaker; Oxford outperforms; Medline gains; Netflix active

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 25 – The domestic high-yield primary market was quiet on Tuesday on the eve of the Federal Reserve’s Wednesday announcement.

However, the forward calendar continued to grow with ION Analytics in the market with an $850 million equivalent of eight-year senior secured notes (expected ratings: B2/B).

Meanwhile, volatility continued in the secondary space with the cash bond market down about ¼ point as selling in equities resumed.

However, Oxford Finance LLC’s 6 3/8% senior notes due 2027 (Ba3/B/BB-), the sole deal to price during Monday’s session, outperformed the market with the notes trading on a 102-handle.

The secondary space for existing deals also saw active trading on Tuesday as market players reposition themselves.

Medline Industries’ two tranches of senior notes were in focus with the tranches making nominal gains although they remained deep under water.

Netflix Inc.’s senior notes remained active following last week’s disappointing earnings report.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.