February junk primary kicks off with add-on; Athena breaks par; Pitney Bowes under pressure

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 1 – The high-yield primary market saw its first deal price in three days, as the month of February got underway.

Meanwhile, the secondary space continued to rally with the market bolstered by strong earnings and statements from Federal Reserve officials assuaging concern about an over-tightening of monetary policy.

The cash bond market was up another 3/8 point as it pared its losses from the previous week, a source said.

Minerva Merger Sub, Inc.’s (athenahealth) 6½% senior notes due 2030 (Caa2/CCC/CCC+) continued to dominate trading activity with the notes topping par for the first time since hitting the secondary space.

While the overall market was strong, Pitney Bowes Inc.’s senior notes were among the largest losers of the session after the company reported disappointing earnings.

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