Tenneco to test the waters; junk secondary closes with strong gains; DaVita falls post-earnings

By Abigail W. Adams

Portland, Me., Oct. 28 – The domestic high-yield primary market remained shuttered on Friday, marking a week with no issuance.

While the forecast for new deal activity is low as the market looks to the final two months of the year, the long-awaited Tenneco deal may be the one to reopen the primary, sources said.

The cash bond market saw another strong session on Friday with the market climbing another ¾ point, marking an almost 3-point gain on the week.

While future volatility may be in store, the risk-on sentiment was strong on Friday.

Carnival Corp.’s 10 3/8% senior priority notes due 2028 (B2/B+) continued to make strong gains in active trading with the notes adding 3 points on the week.

And while the overall market saw a strong week, earnings reports have come in mixed with several misses leading to outsized losses in capital structures.

DaVita Inc. was the latest company to disappoint with its 4 5/8% senior notes due 2030 (Ba3/B+) among the largest losers of Friday’s session.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.