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Primary prices enormous $8.99 billion; Mohegan around par; California Resources gains
By Paul A. Harris and Abigail W. Adams
Portland, Ore., Jan. 19 – A primary market stoked on encouragement from an incoming U.S. Treasury secretary came out of the extended holiday weekend with the throttle wide open on Tuesday, with 10 issuers raising $8.99 billion across a total of 11 tranches.
It was the biggest day in the primary market in over a year.
Meanwhile, the secondary space was firm on Tuesday.
However, there was a feeling of hesitancy as market players eye the threats of violence surrounding the inauguration of President-elect Joseph Biden, a source said.
“No one knows what’s going to happen tomorrow. I’m sure we’ll be off to the races again if things go as planned,” the source said.
New paper was in focus with activity in the secondary space light as the market awaited the onslaught of deals in the pipeline.
Mohegan Gaming & Entertainment’s 8% senior secured notes due 2026 (Caa1/B-) were still hovering around par.
TransDigm Inc.’s 4 5/8% senior notes due 2029 (B3/B-) were slightly improved in active trading on Tuesday after closing out the previous session largely wrapped around par.
California Resources Corp.’s 7 1/8% senior notes due 2026 (B2/B+) continued to gain momentum in high-volume activity.
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