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Junk opens with gains, closes with losses; ADT jumps; Medline higher; Charter weaker
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 6 – While autumn in the bond market got off to a big start in the investment-grade primary market, the junk bond new issue market sat idle on Tuesday with Tellurian Inc.’s $1 billion offering of units composed of notes and warrants the sole deal on the forward calendar.
Meanwhile, the secondary space remained volatile in thin volume on a slow return from the long weekend.
While the market opened Tuesday strong, sellers once again eroded the market’s early gains as Treasury yields continued to march higher.
The cash bond market was up ¼ point early in the session but closed down about an 1/8, a source said.
ADT Inc. was an outlier on a weak day for risk assets with its bonds, issued by subsidiary Prime Security Services Borrower LLC, jumping on news State Farm had taken a sizeable position in the company.
Medline Industries’ 3 7/8% senior secured notes due 2029 (B1/B+/BB-) were also higher in active trading.
However, several recent deals continued to struggle with Charter Communications, Inc. subsidiary CCO Holdings, LLC’s 6 3/8% senior notes due 2029 (B1/BB-) and Royal Caribbean Group’s 11 5/8% senior notes due 2027 (B3/B) continuing their downtrend.
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