News Corp. shows up in junkland; McAfee, athenahealth improve; Wesco gives back gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 8 – An active Tuesday session in the dollar-denominated high-yield primary market saw three issuers price an overall $600 million face amount of notes.

The bulk of that total came from a new offer from News Corp.

Meanwhile, the tone in the secondary space improved on Tuesday despite a 10-year Treasury yield that was firmly entrenched above the 1.9% threshold.

The 10-year Treasury yield continued to climb higher, hitting as high as 1.971% before closing the day at 1.964%.

While the secondary space faded into the close to end the day largely unchanged, a risk-on sentiment was returning to the market, a source said.

Several badly battered recent deals improved during Tuesday’s session.

Condor Merger Sub, Inc.’s (McAfee Corp.) 7 3/8% senior notes due 2030 (Caa2/CCC+) and athenahealth (Minerva Merger Sub, Inc.) 6½% senior notes due February 2030 (Caa2/CCC/CCC+) were both posting gains in active trading.

Outside of recent issues, Wolverine Escrow’s junk bonds (Wesco Aircraft Holdings Inc.) remained active with the secured notes giving back their gains from the previous session.

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