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Week opens with quiet primary; Team Health stays strong; Qorvo, Sensata Technologies firm
By Paul Deckelman and Paul A. Harris
New York, Nov. 16 – The high-yield market opened the new week on a relatively quiet note on Monday, participants said.
No activity was seen in the primary market, where nothing priced for the first time in 10 days, not counting last week’s Veterans Day holiday break.
Syndicate sources suggested that would-be issuers may have been cautious in the wake of last week’s terrorist attacks in France, waiting to see whether that would have any financial market impact before deciding to go ahead with prospective deals.
Meanwhile, deals already on the forward calendar for Veritas Technologies LLC, Rackspace Hosting, Inc. and American Energy – Permian Basin, LLC remained there, with primaryside players awaiting news on any one or more of them.
In the secondary market, Friday’s new issue from Team Health, Inc. remained at or even slightly above the levels reached in initial aftermarket trading. The physician staffing company’s eight-year notes had firmed smartly when they were freed to trade. As had been the case on Friday, volume was robust.
Traders also saw some dealings in Friday’s $1 billion two-part megadeal from high-tech firm Qorvo, Inc., with both halves of that offering seen higher, though on not much volume.
There was also continued active trading at firmer levels in Thursday’s new deal from industrial controls manufacturer Sensata Technologies Holding NV.
Statistical market-performance indicators closed mixed for the first time since Oct. 30.
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