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Junk bonds retract gains; Charter lower; Chart falls with market; Tenet worse for wear
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 15 – Junk bond trading was under pressure on Thursday as the market further digested the Federal Reserve’s hawkish outlook and dot plot plan which placed the Federal Fund target rate on a 5% handle for 2023.
The secondary space was unfazed by the Federal Reserve announcement on Wednesday; however, selling pressure took hold during Thursday’s session with the cash bond market off ½ to ¾ point, sources said.
End-of-year illiquidity continued to set in with volume light amid the market weakness.
Topical news, large liquid issues, and end-of-year clean-up were the drivers of activity in the space.
Charter Communications, Inc.’s capital structure remained under pressure with its split-rated notes and subsidiary CCO Holdings, LLC’s senior notes (B1/BB-) down again after falling on Wednesday.
Chart Industries, Inc.’s recently priced tranches snapped their strong uptrend with the notes falling ¾ to 1 point alongside the broader market.
Tenet Healthcare Corp.’s 6 1/8% senior notes due 2028 (B3/B-) saw heavy selling on Thursday which drove the notes down 1½ to 2 points.
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