Secondary firms; Sealed Air gains; Copeland improves; Bausch outperforms

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 7 – With no new issue activity on Friday the dollar-denominated high-yield primary market was skunked in the holiday-abbreviated July 3 week.

Meanwhile, the secondary space firmed on Friday after the heavy selling of the previous session with the U.S. nonfarm payrolls report painting a different portrait of the labor market.

U.S. job gains came in below expectations in the report, which pointed to some weakness in the labor market, although wage growth remained strong.

However, volume in the space remained thin with the primary market closed for the week.

Sealed Air Corp.’s 6 1/8% senior notes due 2028 (Ba2/BB+) saw strong buying interest on Friday after the company announced its earnings release date.

Copeland’s 6 5/8% senior secured notes due 2030 (Ba3/BB-/BB-) improved in active trade.

While BB credits recovered some losses after sinking under the rate move of the previous session, the lowest rungs of the credit spectrum continued to outperform.

Bausch Health Cos. Inc.’s senior notes (Ca/CCC-) added to the strong gains made throughout the year after the company announced a new financing facility.

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