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Secondary gives back gains; WeWork in focus, jumps on IPO; Tenet comes in; MPH Acquisition drops
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 14 – The domestic high-yield primary market was again dormant on Wednesday and may remain that way for the remainder of the month, sources said.
Meanwhile, the secondary space gave back much of its gains from Tuesday’s session as equities sold off, crude oil futures sank, and Treasuries flashed a recession warning sign.
Tenet Healthcare Corp.’s newly priced tranches of senior notes (Ba3/BB-) were again trading down alongside the overall market.
Despite the weakness in the secondary space and a ratings downgrade, WeWork Cos. Inc.’s 7 7/8% senior notes due 2025 were in focus and making large gains as the company prepares for its IPO.
MPH Acquisition Holdings LLC's 7 1/8% senior notes due 2024 continued to sell off in active trading on Wednesday.
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