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Primary prices massive $5.45 billion; Kraton active; LifePoint drops below par
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 8 – The junk bond primary market had a torrent of new deals on Tuesday, rising to and beyond the market’s general expectation of steady, strong issuance before an anticipated and probable lull at the end of December.
Nine tranches priced for a total of $5.45 billion in the domestic market during the day.
Meanwhile, the secondary space was beginning to show signs of weakness on Tuesday with sellers outnumbering buyers.
However, volume was relatively light as market players awaited Tuesday’s onslaught of new paper and the space closed the day largely unchanged, a source said.
Kraton Corp.’s new 4¼% senior notes due 2025 (existing ratings B2/BB-) continued to perform well following a strong break with the notes holding on to their strong premium.
However, LifePoint Health, Inc.’s recently priced 5 3/8% senior notes due January 2029 (Caa1/CCC+) dropped firmly below par in active trading.
Occidental Petroleum’s 6 5/8% senior notes due 2030 were coming in on the heels of the fallen angel’s latest offering.
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