Primary looks to new year; Travelport gains on buyout; Altice drops; energy weakens

By Abigail W. Adams and Paul A. Harris

Portland, Me., Dec. 10 – Quiet continued to reign in the domestic primary market on Monday with no deals expected to come to market before the close of the year.

Market players are now looking to 2019 with a modest pipeline of deals expected in the first quarter.

The volatility that has sidelined the primary market continued on Monday, sources said.

The market in general was down about ¼ point as equities saw a volatile session and crude oil futures declined after a rally at last week’s close.

Triple C credits continued to take the brunt of the pressure with the market sentiment remaining risk off, a source said.

Travelport Corporate Finance plc’s 6% senior notes due 2026 dominated trading activity in the secondary space with the notes trading up to the investor put triggered upon a change of control.

Altice SA’s junk bonds also saw heavy trading volume during Monday’s session with the notes dropping after a downgrade from Moody’s Investors Services.

After a brief reprieve, the sell-off in crude oil futures continued on Monday with futures giving back their gains from Friday.

California Resources Corp.’s 8% senior notes due 2022 remained volume movers on Monday with the notes also giving back some of their gains from Friday.

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