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Primary, secondary quiet; Wind Tre bonds skyrocket; McClatchy, California Resources active
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 3 – The primary market was quiet ahead of the mid-week Independence Day holiday in the United States, as expected, with no new deals joining the forward calendar.
Two euro-denominated deals from Autodis SA and K+S AG and one dollar-denominated deal from Enterprise Development Authority remain in the market.
The secondary space was also quiet ahead of Tuesday’s early close with trading volume one-third of what it normally is, a market source said.
However, Wind Tre SpA’s 5% senior secured notes due 2026 were in focus and jumped more than 13 points in high-volume trading after Hong Kong-based conglomerate CK Hutchison announced it was buying out Veon Ltd.’s stake in the company.
McClatchy Co.’s recently priced 9% senior secured notes due 2026 (B1/B-) remained active in the secondary space with the notes gaining strength.
California Resources Corp.’s 8% senior notes due 2022 were also among the most actively traded of the day as the barrel price of West Texas intermediate crude oil again saw a volatile trading session.
However, the notes closed the day largely unchanged.
Vedanta Resources plc’s 6 1/8% senior notes due 2024 dropped about 2½ points in active trading on Tuesday as founder Anil Agarwal’s plan to take the company private encounters resistance.
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