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Royal Caribbean edges up in junkland; First Quantum, Cogeco move higher
By Cristal Cody and Paul A. Harris
Tupelo, Miss., Feb. 23 – The dollar-denominated high-yield primary market passed a quiet Friday.
The Feb. 19 week had $5 billion of new issuance, the leanest weekly total since the first week of the year.
Elsewhere, new issues represented the bulk of the day’s secondary trading with Royal Caribbean Cruises Ltd.’s new 6¼% senior notes due March 15, 2032 (Ba2/BB+) nearly ½ point better than issuance on more than $71 million of paper changing hands Friday.
First Quantum Minerals Ltd.’s existing paper gained in heavy trading over the session following its new offering Thursday of 9 3/8% five-year second-lien secured notes.
The 8 5/8% senior notes due 2031 were quoted up 1 1/8 points, while the 6 7/8% senior notes due 2027 traded 1/8 point higher on more than $70 million of volume.
Looking at new Canadian dollar junk issues, Cogeco Communications Inc.’s 6 1/8% senior notes due 2029 (BB+//DBRS: BB (high)) climbed ¾ point in the secondary market Friday.
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