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Junk primary stays quiet, though Team Health hits road; Vanguard up despite oil woes
By Paul Deckelman and Paul A. Harris
New York, Jan. 9 – The high yield primary market stayed quiet on Monday for a second consecutive session during which no new U.S. dollar-denominated and fully junk-rated issues priced.
However, syndicate sources said that there was behind-the-scenes action going on, with at least two issues heard to be hitting the road to market new deals to prospective investors.
Physician services organization Team Health Holdings, Inc. is expected to begin a roadshow on Tuesday for its $1.015 billion offering of eight-year notes – although a market source described the deal as already “oversubscribed’ before any marketing has officially started.
Monaco-based luxury cruise line operator Silversea Cruise Holding Ltd. meantime set sail with a $275 million eight-year offering,
In the secondary market, energy issues such as California Resources Corp. came under pressure as crude oil prices slipped badly after three consecutive sessions on the upside.
However, traders said that Vanguard Natural Resources LLC’s bonds defied the trend and firmed up on the session.
Statistical market performance measures were mixed for a third straight session on Monday; those indicators had turned mixed on Thursday after having been stronger across the board over the previous four consecutive trading days.
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