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Primary quiet to end $3.4 billion week; new Centenes up in heavy trading; Manitowoc slates deals
By Paul Deckelman and Paul A. Harris
New York, Jan. 29 – For the first time in seven sessions, the high-yield primary market did not price any new deals on Friday, the last trading session of January.
But junk marketeers looked back at the week with satisfaction, noting the strongest weekly issuance so far in the new year, as well as a considerably better tone in the secondary market versus just a couple of weeks ago.
The lack of any new deals pricing on Friday left issuance for the week right where it had been on Thursday – some $3.4 billion of new U.S dollar-denominated paper from domestic or industrialized-country borrowers having come to market in five tranches.
Thursday’s big new deal from healthcare provider Centene Corp. was the dominant name in secondary trading Friday.
Traders said that the two tranches of its giant-sized offering were easily the most actively traded credits in Junkbondland. Each tranche had firmed smartly from the par level at which both had priced on Thursday.
Away from deals which have actually priced, the primary market is looking forward to February, starting the new month with a pair of deals from Manitowoc Co., Inc., a maker of cranes and industrial lifting equipment as well as food-service equipment.
For a second straight session, Freeport McMoRan Inc.’s bonds were among the most active junk credits – but unlike Thursday, they were up across the board, rebounding from the battering they took on Thursday in response to the news that Moody’s Investors Service had slashed the natural resources company’s senior unsecured rating by a hefty four notches.
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