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United Airlines downsizes; Altice, Patrick on par-handles; CrownRock outperforms
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 14 – The primary market released $5.55 billion of junk paper into the market on Wednesday, with the great majority of it coming from United Airlines’ downsized $4 billion of new notes.
Meanwhile, it was another sideways day in the secondary space as attention turned from macro events to earnings.
New paper continued to dominate the tape.
Altice France SA’s newly priced 5 1/8% senior secured notes due 2028 (B2/B) and Patrick Industries, Inc.’s 4¾% senior notes due 2029 were trading at premiums to their issue prices, although both remained on a par-handle.
While coming in from the heights reached after breaking for trade, CrownRock LP and CrownRock Finance Inc.’s 5% senior notes due 2029 (B2/BB-) continued to put in a strong performance in the aftermarket.
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