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September eyed; Digicel tanks; BMC Software active; First Quantum mixed
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 4 – As all eyes are on the steady pipeline of deals expected to materialize over the next month, no deals priced on the return from the Labor Day weekend.
With no new paper for more than two weeks, trading volume in the secondary space remained light, sources said.
Digicel Group Ltd.’s junk bonds gave up their gains from Friday and dropped 4 to 6 points on Tuesday as the company’s exchange offer commenced.
BMC Software’s 9¾% senior notes due 2026 (Caa2/CCC+) were among the volume leaders of Tuesday’s session with the notes down slightly.
First Quantum Minerals Ltd.’s junk bonds were mixed in active trading in the secondary space with some issues making nominal gains and others continuing to post losses.
Southwestern Energy Co.’s junk bonds were on the rise on Tuesday after the company launched a $900 million tender offer.
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