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Secondary space ‘almost dead’; Charter drops; KIK improves; energy names in focus
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 23 – The high-yield primary market was shuttered and the secondary space was “almost dead,” on Wednesday with end-of-year illiquidity reaching a peak.
While volume was light with few names on the tape, the market was firm, a source said.
KIK Consumer Products’ recently priced 7% senior notes due 2027 (Caa2/CCC) returned to a 103-handle after falling below amid the soft market conditions earlier in the week.
Charter Communications, Inc.’s 3.7% senior notes due 2051 were active and trading down.
Several energy names were on the tape as WTI crude oil futures surged on Wednesday.
Occidental Petroleum Corp.’s senior notes were trading up.
However, PBF Holding Co. LLC/PBF Finance Corp.’s 9¼% senior secured notes due 2025 (Ba3/BB/BB) dropped below par.
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