Tenneco junk bonds higher; Maxim Crane climbs; Foot Locker slips; ETFs reverse course

By Paul A. Harris and Cristal Cody

Portland, Ore., Aug. 23 – The primary market was inactive on Wednesday, as it has been since the beginning of the week, and will likely remain that way until Labor Day, sources say.

Junk bond ETFs reversed course on Tuesday, posting a substantial outflow instead of inflow.

Meanwhile, new paper was proving attractive in the secondary market.

Tenneco Inc.’s 8% senior secured notes due November 2028 (B1/B) were “busy” Wednesday, a trader said.

Maxim Crane Works Holdings Capital, LLC’s new 11½% second-priority senior secured notes due 2028 have climbed nearly 3 points in the secondary space.

Foot Locker, Inc.’s bonds were one of the day’s biggest losers in the junk space over the day after the company posted a second-quarter loss, a trader said.

The bonds gave back 4 points.

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