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Junk issuers raise $2.7 billion; Compass, Owens & Minor at a premium; Tenneco lags
By Paul A. Harris and Abigail W. Adams
Portland, Ore., March 4 – Four high-yield issuers priced a combined five tranche of notes on Thursday, raising $2.7 billion.
As issuers rushed to price deals, volatility again rocked the secondary space with the 10-Treasury yield rising past 1.5% and risk assets plummeting following Federal Reserve Chair Jerome Powell’s comments in an interview with the Wall Street Journal.
Sectors of the market were off ¼ to ½ point, a source said.
However, several recent issues were outperforming the broader market as the pricing of new paper began to cheapen.
“It’s where people are finding their yield,” a source said.
Owens & Minor, Inc.’s 4½% senior notes due 2029 (B2/B-/BB-) and Compass Group Diversified Holdings LLC’s 5¼% senior notes due 2029 (B1/B+) were both trading with healthy premiums in the aftermarket although they faded into the close.
However, Tenneco Inc.’s 5 1/8% senior notes due 2029 (Ba3/B-/BB-) were lagging their issue price in active trading.
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