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Global Partners opens junk primary; DISH in focus, mixed post-merger; Carnival softens
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 2 – Global Partners LP opened the 2024 high-yield primary market with the announcement of a $450 million offering of eight-year senior notes (B2/B+) on Tuesday morning.
Although Global Partners was Tuesday’s sole junk bond deal announcement, new issue volume is expected to be purposeful, or better, during the first half of January, sources say.
Meanwhile, it was a slow start to the year in the secondary space with the market soft but trading muted on Tuesday.
The cash bond market was off 3/8 to ½ point with the market giving back some gains from its phenomenal late-year rally to open 2024 with negative returns.
Topical news was the driver of activity in the space as market players awaited the reactivation of the calendar.
DISH Network Corp.’s senior notes were mixed in active trade following the completion of the DISH/EchoStar merger.
While the company’s soon-to-mature 5 7/8% senior notes due Nov. 15, 2024 (Caa2/B-) edged higher, its longer-duration notes were flat to lower.
Carnival Corp.’s senior notes (B3/BB-) were coming in alongside the broader market after bouncing in late December following the company’s earnings report.
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