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EG, CDK, Teekay price; AssuredPartners trades up; energy names drop; funds add $21 million
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 2 – The high-yield primary market saw an active session on Thursday with the stage set for a large finish to the week.
EG Group, CDK Global, Inc., Teekay Corp. Drax Finco plc all priced new issues on Thursday.
Friday promises to be an active session with Altice Luxembourg SA on deck and Twin River Worldwide Holdings, Inc. set to price
Ausdrill Finance Pty Ltd. is also heard to be in the market.
In the secondary space, with the energy sector leading the market lower, California Resources Corp.’s 8% senior notes due 2022, Whiting Petroleum Corp.’s 6 5/8% senior notes due January 2026 and Chesapeake Energy Corp.’s 8% senior notes due 2027 were among the issues that were “taking a beating,” a market source said.
In new paper, Teekay’s 9¼% notes soared after hitting the secondary space.
AssuredPartners, Inc.’s 8% senior notes due 2027 (Caa2/CCC+) were trading at a slight premium to their issue price.
Tesla Inc.’s 5.3% senior notes due 2025 jumped after the electric car manufacturer announced a new capital raise.
Funds saw a modest inflow of $21 million for the week ended May 1 after an outflow of $521 million in the previous week.
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