Firmer junk market quietly heads into holiday break; Conduent paper well above issue price

By Paul Deckelman and Paul A. Harris

New York, Nov. 23 – High-yield market participants headed home for the Thanksgiving Day holiday break in the United States on Wednesday with no new activity seen in the primary arena and not much to speak of going on in the secondary market either.

In the primary, the cupboard had been pretty much cleared with the pricings on Monday and Tuesday of Genesys Telecommunications Laboratories, Inc.’s and Conduent Inc.’s issues plus the two-part megadeal from Studio City Co. Ltd.

With those offerings out of the way, primaryside players said that only a smallish Canadian dollar-denominated secured paper deal from Source Energy Services remains on the calendar.

Looking ahead, though, they said that following the extended holiday weekend, the upcoming week could be a busy one, with several new deals on tap.

In Wednesday’s secondary market, Tuesday’s deal from Xerox Corp. spinoff Conduent was quoted by traders remaining north of the 103 bid mark.

The Studio City and Genesys Laboratories deals also continued to hold their solid aftermarket gains.

The most active credit among those recently coming to market was Bombardier, Inc.’s five-year issue, which was off slightly on the day.

Names such as Frontier Communications Corp., Freeport-McMoRan Copper & Gold Inc., Clear Channel Communications Inc. and Valeant Pharmaceuticals International, Inc. were among the most active established issues.

Statistical market performance measures were higher across the board for a third consecutive session on Wednesday.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.