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Primary sells just under $2 billion; calendar grows; AMC still surges; CHS lags; Aethon comes in
By Paul A. Harris and Abigail W. Adams
Portland, Ore., Jan. 27 – With a sell-off in equities underway Wednesday the high-yield new issue market continued to crank, with a pair of issuers raising $1.085 billion in two dollar-denominated tranches.
Meanwhile, the secondary space was soft on Wednesday as equities saw their worst session in months amid fear of a slower economic recovery than previously anticipated.
However, as equity losses accelerated following statements from Federal Reserve Chair Jerome Powell about the state of the economic recovery, the junk bond market held up relatively well.
“The market’s definitely soft but it’s not as volatile as equities. There’s still a lot of money to be put to work,” a source said.
CHS/Community Health Systems, Inc.’s 4¾% senior secured notes due 2031 (Caa1/B-/B) saw a lackluster reception in the secondary space with the notes at times lagging their issue price in high-volume activity.
While Aethon United BR LP and Aethon United Finance Corp.’s 8¼% senior notes due 2026 (B3/B/B) were coming in from the heights reached after breaking for trade, the notes continued to trade with a healthy premium.
Outside of recent issues, the frenzy surrounding AMC Entertainment Holdings Inc.’s junk bonds continued on Wednesday with the notes continuing to rocket higher as the company’s equity surged more than 300%.
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