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Commercial Metals recovers in junkbondland; Range Resources strong; MI Windows outpaces
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 14 – With volatility driven by apprehensions about rising rates rocking the markets, the high-yield primary remained quiet on Friday.
Meanwhile, the secondary space closed the week on soft footing. However, it was holding up well considering the volatility in equity and Treasury markets.
“All things considered, the market’s okay,” a source said.
Despite the outflows over the past week, which topped $2 billion through Wednesday’s close, investors were still ready and willing to put money to work in junkbondland and holders remained reluctant to sell, the source said.
The onslaught of new paper on Thursday was performing well despite the weakness in the general market.
Commercial Metals Co.’s 4 3/8% senior notes due 2032 (Ba2/BB+/BB+) were under water in intraday activity but rallied to close the day flat.
Range Resources Corp.’s 4¾% senior notes due 2030 (B1/BB-) had a strong bid to them and closed the day at a premium to their issue price.
However, MI Windows and Doors, LLC’s 5½% senior notes due 2030 (B3/B/BB-) outperformed with the notes remaining on a 101-handle.
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