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Junk secondary extends gains; AMC in focus; Medline uptrend continues; Citrix adds
By Paul A. Harris and Abigail W. Adams
Portland, Me., Nov. 23 – The junk bond primary market remained idle on Wednesday ahead of the Thanksgiving holiday in the United States.
Meanwhile, the secondary space closed Wednesday on firm footing with the market extending gains from a strong open following the release of the Federal Reserve Open Market Committee report.
The cash bond market ended the day up ¼ to ½ point, a source said.
However, trading volume and volatility was low with few surprises in the meeting minute notes.
The market is widely anticipating a 50 basis points rate increase in December, sources said.
However, the meeting minutes did little to shed light on the federal fund target rate for 2023, which has been a primary source of volatility in markets.
While volume was light, the uptrend in several names continued.
Citrix Systems Inc./Tibco Software Inc.’s 6½% senior secured notes due 2029 (B2/B) continued to add in heavy volume after reclaiming an 87-handle the previous session.
Medline Industries’ 5¼% senior notes due 2029 (Caa1/B-/B-) continued their strong uptrend with the notes trading higher to an 83-handle.
AMC Entertainment Holdings, Inc.’s junk bonds were in focus on Wednesday with the notes breaking their strong downtrend following news Amazon was investing in theater releases.
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