Primary eyed; AMC rebound continues; Kraft Heinz, Charter down

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 3 – The domestic high-yield primary market was quiet at the start of the New Year.

However, it is not expected to remain quiet for long. While sources diverged on when new issue activity would recommence, sources are eyeing $20 billion in new paper in January.

Meanwhile, the secondary space was equally quiet on the first trading day of the New Year with the cash bond market largely unchanged.

While equities again hit new heights on Monday, the 10-year Treasury yield was again on the rise, closing the day at 1.631%.

Kraft Heinz Co.’s senior notes were under pressure in active trading with the capital structure down about 1 to 1½ points.

Charter Communications’ 4.5% senior notes due 2032 (B1/BB) were also down about 1 point in active trading.

However, AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Ca/CCC-) continued to rebound with news reports about potential debt refinancing in the coming year adding a further boost to the notes.

© 2015 Prospect News.
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