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Secondary catches a bid; Nordstrom, Ferrellgas trade up; fallen angels skyrocket
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 9 – The domestic high-yield primary market was quiet on Thursday following an active week that had almost $3 billion in new deals price.
However, the Federal Reserve Board’s latest round of stimulus is expected to have an enormous impact on the high-yield primary market by decreasing the cost of raising capital for issuers from all rungs of the credit spectrum.
Meanwhile, the secondary space skyrocketed on Thursday following the Federal Reserve’s announcement.
“Everything was instantly bid up,” a market source said.
Bonds in the ETF basket, in particular, were up 5 to 7 points.
Ford Motor Co.’s, Continental Resources Inc.’s and Western Midstream Operating, LP's junk bonds, which are eligible to participate in the Federal Reserve’s program, skyrocketed.
Recently priced Ferrellgas, LP’s 10% senior notes due 2025 (B3/CCC) and Nordstrom Inc.’s 8¾% senior notes due 2025 (Baa2/BBB-) were several points above their issue prices in active trading on Thursday.
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