Primary quiet; Antero Midstream lags; DISH gains post-earnings; Golden Nugget on a tear

By Abigail W. Adams

Portland, Me., Nov. 6 – The domestic high-yield primary market remained dormant on Friday with the forward calendar empty heading into the Nov. 9 week.

However, the coming week is expected to be a busy one provided the outcome of the election is as predicted – a Biden administration in the White House and Republican control of the Senate.

While votes were still being tabulated on Friday and no official winner had been declared, former vice president Joseph R. Biden was zeroing in on victory with the ballot counts in Pennsylvania and Georgia leaning in his favor.

Meanwhile, the strong rally in the secondary space waivered on Friday as WTI crude oil futures sank and the market saw some profit-taking.

While the cash bond market was down about 1/8 point at the open, it was largely flat heading into the close, sources said.

Antero Midstream Partners LP and Antero Midstream Finance Corp.’s newly priced 7 7/8% senior notes due May 15, 2026 (B3/B) were active with the notes lagging their issue price in secondary market activity.

Golden Nugget Inc.’s senior notes were in focus with the capital structure jumping 1 to 3 points, largely as a result of the supply/demand imbalance in the secondary space.

Earnings were also a major catalyst for trading activity.

DISH Network Corp.’s senior notes were making large gains in active trading following a large earnings beat.

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