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Primary market quiet pre-holiday; forward calendar light; California Resources in focus
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 25 – There was quiet in junkbondland in both the primary and secondary market on Friday ahead of the recommended early close for the Memorial Day weekend.
The domestic primary market brought no new deals forward and trading activity “was very light” in the secondary space, a market source said.
The forward calendar for the week ahead is also light with currently only three potential issuers, all in the European market.
There was limited trading activity in the deals that priced on Thursday.
TMX Finance LLC, formerly known as TitleMax, saw only $2 million of its newly priced 11 1/8% senior notes due 2023 (Caa2/B-) trade on their second day in the market.
Trading of new notes from Graham Holdings Co. and Atotech BV, and Tervita Corp.’s recently priced add-on also slowed on Friday, although all remained strong in the secondary market.
California Resources Corp.’s 8% senior notes due 2022 were a major volume mover during Friday’s session with the notes dropping 2¼ points as the price of crude oil did an about face and dropped more than $3.
Valeant Pharmaceuticals International, Inc.’s recently priced 8½% senior notes due 2027 continued to see active trading on Friday although with little movement in price.
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