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Junk: NFP holds premium; Nielsen gains as merger garners support; Avaya tanks
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 9 – The primary market remained shut on Tuesday.
Meanwhile, it was a soft day in the secondary space with the cash bond market off 3/8 to ½ point on the eve of the release of July’s Consumer Price Index report, sources said.
Trading volume remained thin with recent issues and topical news driving activity in the space.
NFP Corp.’s 7½% senior secured notes due 2030 (B1/B) were holding above their issue price in high-volume activity, despite the general weakness in the market.
Nielsen Holdings plc’s senior notes were among the major gainers of Tuesday’s session following news the company and its largest shareholder were on the verge of reaching an agreement on Nielsen’s pending acquisition.
Avaya Holdings Corp.’s 6 1/8% senior secured notes due 2028 (B3/CCC) reversed their rally and were retesting their lows after the company issued a going concern warning in its preliminary earnings report.
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