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Junk ends volatile week with gains; Tenet drags down health care sector peers
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 21 – The junk bond secondary space saw a fitting end to a volatile week with a low open giving way to a strong rally.
The CDX index “was flat then it just bounced,” a source said, with the index returning to a 98-handle.
The cash bond market was off as much as ¼ point at the open but also bounced to close the day and the week with gains.
The market shrugged off Treasury yields at multidecade highs and recession concerns due to renewed optimism over a dovish pivot from the Fed, which reignited the risk-on sentiment seen earlier in the week.
Carnival Corp.’s 10 3/8% senior priority notes due 2028 (B2/B+), the only new paper to price over the course of the week, continued to improve with the notes reclaiming a 99-handle.
However, the rally in the market was not shared equally across sectors with Tenet Healthcare Corp.’s earnings results dragging down its industry peers.
Tenet’s senior notes were off 1 to 3 points on the disappointing results.
However, CHS/Community Health Systems Inc.’s already ailing senior notes sank another 3 to 5 points with earnings expectations low.
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc.’s 9¾% senior notes due 2026 (Caa1/CCC+) were dragged down 4 points by Tenet’s results.
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