Cox Media skyrockets; Korn Ferry trades up; oil patch firms

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 13 – The domestic high-yield primary market was quiet on Friday. However, the Dec. 9 week ranked second for new deal activity since the end of September.

While many predicted the week would mark the end of activity for the year, there still may be more in store for 2019 with markets strong.

And January is already expected to be active.

Meanwhile, the secondary space closed the week on firm footing with news of a completed phase 1 deal between the United States and China and crude oil futures settling above $60 a barrel.

New paper remained the focus of trading activity.

Cox Media Group’s newly priced 8 7/8% senior notes due 2027 (Caa1/CCC+) skyrocketed in active trading in the secondary space.

While the CCC space has been an underperformer for most of the year, the paper has been making a comeback in December.

Korn Ferry’s 4 5/8% senior notes due 2027 (Ba3/BB) were also trading at a large premium to their issue price.

With crude oil futures on the rise, Friday was a strong day for the oil patch with the energy sector paring some of their losses after a disappointing year.

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