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Four junk bond issuers price $2.55 billion; Citrix weaker; Tenneco moves lower
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 15 – A busy Wednesday in the high-yield new issue market had four issuers price single-tranche dollar-denominated deals for a combined total face amount of $2.55 billion.
Meanwhile, the secondary space took a breather after the spectacular rally over the previous session.
The Producer Price Index report released pre-open continued to reflect easing inflation, adding fuel to the post-CPI expectation that the Fed’s rate-hike campaign had officially come to an end.
However, retail sales also slowed, calling into question the strength of the consumer-powered economy.
With the broader market flat and market players awaiting the deals in the pipeline to break for trade, topical news was the driver of activity in the space.
Cloud Software Group Holdings Inc.’s (Citrix) 9% second-lien notes due 2029 (Caa2/B-) and Citrix Systems Inc./Tibco Software Inc.’s 6½% senior secured first-lien notes due 2029 (B2/B) fell in heavy volume after Cloud Software announced a new incremental term loan.
Tenneco Inc.’s 8% senior secured notes due 2028 (B1/B) were again lower on market chatter the company’s chief financial officer was departing.
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