High-yield rally continues, wipes out May losses; Mohegan jumps; Ziggo lifted; NCR rebounds

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 27 – The new issue market remained quiet as expected ahead of Friday's early close and the extended holiday weekend.

While the primary market has been anemic in May, the week ahead is expected to be an active one with at least one new deal in the works.

Meanwhile, the risk-on rally in the secondary space continued on Friday with the market wiping out three weeks of losses in three days, a source said.

The cash bond market fell almost 3 points in a month of wild swings.

However, those losses were wiped out over the past three sessions with strong inflows following the release of the Federal Reserve’s May minute notes on Wednesday sparking an ETF buying spree.

Mohegan Gaming & Entertainment’s 8% senior secured notes due 2026 (Caa1/B-) made large gains in active trading with ETFs bidding up the paper.

VodafoneZiggo’s 4 7/8% senior secured notes due 2030 (B1/B+) were also on the rise in active trading with the issue included in some of the offers-wanted-in-competition lists circulating the market.

NCR Corp.’s 5 1/8% senior notes due 2029 (B3/B) also had large gains after a post-earnings slump.

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