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California Resources active but flat; Diebold gains continue; First Quantum, Digicel drop
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 29 – With the domestic high-yield primary market expected to remain dormant until the end of the week, trading volume in the secondary space remained “dead,” sources said.
Already light on Wednesday, volume is expected to continue to taper down even further into the final days of the week ahead of the long Labor Day weekend, sources said.
Although largely trading sideways, California Resources Corp.’s 8% senior secured second-lien notes due December 2022 were once again the most active issue in the secondary space as oil futures marked their highest finish of the month.
Diebold Inc.’s struggling 8½% senior notes due 2024 remained in focus with the notes gaining another point as the company negotiated an amendment to its credit agreement to allow for a new term loan.
Digicel Group’s junk bonds were losing ground in active trading with the notes down 3 points to 3½ points after the company’s chief financial officer resigned in the wake of the company’s second-quarter earnings announcement.
First Quantum Minerals Ltd.’s 6 7/8% senior notes due 2026 were also among the volume leaders on Wednesday and were trading down about 1¼ point as U.S.-Canada NAFTA negotiations approach the Friday deadline.
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