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QEP rises on buyout news; Western Digital rises; energy gains continue; WeWork drops
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 7 – While the high yield market’s tone continued to improve on Monday, the primary market remained dormant.
While there has yet to be signs of life from the primary market, Monday marked another strong day for the secondary space.
Credit spreads continued to tighten with the energy sector continuing to lead the overall market higher.
California Resources Corp.’s 8% senior notes due 2022 continued their upward momentum, climbing another 2½ points after large gains during Friday’s session.
QEP Resources Inc.’s junk bonds jumped 3 to 6 points after Elliot Management made a $2 billion bid for the oil and gas company.
Western Digital Corp.’s split-rated 4¾% senior notes due 2026 (Baa3/BB+) were again among the most actively traded issues in the secondary space with the notes making gains as U.S. and China restart trade negotiations.
While the overall market was on the rise on Monday, WeWork Cos. Inc.’s 7 7/8% senior notes due 2025 slid 2½ points after SoftBank dialed down its planned investment in the company.
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