Junk higher post-Fed minutes; Tegna lifts on tender offer; Atlas bounces; Carnival gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 22 – No dollar-denominated deals priced on Wednesday in the high-yield primary market, according to a market source.

Meanwhile, the secondary space pared its losses from the heavy selling on Tuesday with market tone lightening following the release of the most recent Federal Open Market Committee minute notes midsession.

The market was flat at the open with all eyes on the minute notes to help an uncertain market determine its future direction.

The cash bond market was lifted ¼ to 3/8 point by the close.

Topical news was a driver of activity in the space.

Tegna Inc.’s senior notes (Ba3/BB) made large gains on the heels of a tender offer and consent solicitation for the notes as Standard General LP zeroes in on completing its acquisition of the company.

Rand Parent, LLC’s 8½% first-lien senior secured notes due 2030 (Ba1/BB/BB+), backing the buyout of Atlas Air, improved on Wednesday after hitting a new all-time low the previous session.

Carnival Corp.’s senior notes outpaced the market with the notes gaining about 1 point as buyers returned to the market.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.