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Primary, secondary quiet; QEP skyrockets on acquisition, KIK, Antero active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 21 – Very thin liquidity related to the fast-approaching end-of-year holidays, abetted by capital markets’ volatility related to intensified coronavirus concerns, kept the high-yield primary market quiet on Monday.
It now appears likely that new-issue business for the record-breaking year of 2020, which saw a gargantuan $434.3 billion of issuance, has concluded, having wrapped up with a bang last Thursday, when $2.46 billion cleared in five dollar-denominated tranches.
That conclusion was not foreordained, according to a bond trader who told Prospect News that had the capital markets backdrop been a more supportive one there might have been a drive-by deal, on Monday, or maybe even two.
Meanwhile, the secondary space was soft on Monday as investors reacted to news of a new coronavirus strain that sent the UK into a partial lockdown.
QEP Resources Inc.’s junk bonds were in focus on Monday with the notes skyrocketing as the company became the latest acquisition target in the flurry of M&A activity in the energy space.
KIK Consumer Products’ recently priced 7% senior notes due 2027 (Caa2/CCC) were also active with the notes coming in from their highs.
Antero Resources Corp.’s recently priced 8 3/8% senior notes due 2026 (B3/B) were also weaker in active trading on Monday.
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