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SPX wraps; secondary junk ends volatile week up; Telesat in focus; Crown Americas gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 18 – The domestic high-yield primary market managed one sale of new paper during Friday’s session.
SPX Flow, Inc. sold a downsized $500 million issue of eight-senior senior notes (Caa2/CCC+) with a large discount.
While new deal activity has been light amid volatile market conditions, there is hope for the week ahead with one deal on the forward calendar.
Owens & Minor, Inc. is in the market with a $500 million offering of eight-year senior notes (B2/B/BB-).
Meanwhile, it was a mixed bag in the secondary space on Friday after a dramatic week filled with more head spinning volatility.
With the high-yield primary market quiet throughout the week, topical news remained the primary driver of trading activity in the space.
Telesat Corp.’s junk bonds were in focus on Friday with the notes seeing outsized gains following a better-than-expected earnings report.
Crown Americas LLC’s recently priced 5¼% senior notes due 2030 (Ba3/BB-) continued their upward momentum in the secondary space after a lackluster break.
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