Cincinnati Bell skyrockets on buyout news; Calpine, Bausch, CenturyLink active

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 23 – The domestic high-yield primary market remained closed on Monday with new deal activity believed to be concluded for 2019.

However, an active pipeline is anticipated for the new year.

While equity markets were again strong on Monday, the high-yield secondary space was largely flat as activity ground to a halt.

End-of-year illiquidity has officially taken hold of the market, sources said.

Cincinnati Bell Inc.’s junk bonds (B3/B-) were the outperformers of Monday’s session with the notes making large gains in active trading following news the telecommunications service provider would be acquired.

Several recent issues continued to be actively traded in the secondary space, although with little movement in price.

Calpine Corp.’s recently priced 5 1/8% senior notes due 2028 remained volume leaders although the notes continued to be wrapped around par.

Bausch Health Cos. Inc.’s two tranches of senior notes (B3/B/B) and CenturyLink, Inc.’s 5 1/8% senior notes due 2026 (B2/B+/BB) continued to see activity although the notes were largely moving sidewise.

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