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Hanesbrands, TransDigm price; Ineos falls in junkland; Wynn, Atlas Air lag issue prices
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 10 – Hanesbrands and TransDigm Inc. priced a combined total of $1.6 billion of junk bonds on Friday.
Meanwhile, it was a heavy day in the secondary space with the cash bond market sinking ¾ to 1 point as the two-year Treasury yield closed above 4.5%.
The heavy market conditions were taking their toll on new issuance with the deals to price during Thursday’s session lagging in secondary market activity.
Ineos Finance plc’s 6¾% senior secured notes due 2028 (Ba2/BB/BBB-) crumbled in the secondary space with the notes falling more than 1 point below their issue price in heavy volume.
Rand Parent, LLC’s 8½% first-lien senior secured notes due 2030 (Ba1/BB/BB+), backing the buyout of Atlas Air, and Wynn Resorts, Ltd.’s 7 1/8% senior notes due 2031 (B2/B+) were also lagging their issue prices under Friday’s heavy market conditions.
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