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High-coupon junk paper in demand; Deluxe, Global Infrastructure rip; SRS tranches mixed
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 21 – The high-yield secondary space closed the day largely unchanged albeit with a firmer tone than earlier in the week. And, normally in the foreground, the primary market took a backseat on Friday and had a rare no-new-issue day.
Recently priced paper was in focus following the deluge of deals that cleared the primary market on Thursday.
The majority of deals were putting in strong performances in the secondary space with high-coupon bonds outperforming.
Deluxe Corp.’s 8% senior notes due 2029 (B3/B-) ripped on Friday with the notes trading 4 to 5 points above their issue price.
Global Infrastructure Solutions Inc.’s 5 5/8% senior notes due 2029 (B1/BB-) continued to gain following a strong break.
Delek Logistics Partners, LP’s 7 1/8% senior notes due 2028 (B3/BB-/BB-) continued to trade up to 3 points above the issue price.
SRS Distribution Inc.’s tranches were in focus with the unsecured tranche outperforming its lower-yielding secured counterpart.
Xenia Hotels & Resorts, Inc.’s 4 7/8% senior secured notes due 2029 (S&P: B) continued to trade with a 101-handle in high-volume activity.
While the majority of deals to price on Thursday were trading 1 or more points above their issue prices, Hilton Grand Vacations Inc.’s 5% senior notes due 2029 (B2/B-) remained on a par-handle.
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