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Graphic Packaging prices; Zayo mixed; Mattamy flat; AA struggles; Freeport-McMoRan lower
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 21 – Despite the volatility that rocked markets on Friday, one issuer was able to clear the domestic high-yield primary market with a solid execution.
Graphic Packaging priced an upsized $450 million issue of eight-year senior bullet notes (Ba2/BB+).
Meanwhile, the secondary space closed the week on soft footing.
While the market held throughout the early part of the session, it started to crack into the afternoon as the sell-off in equities accelerated.
The secondary space saw a lot of ETF selling and short covering in the afternoon, a market source said.
Several recent deals were struggling on the heavy day for the market.
Zayo Group Holdings Inc.’s recently priced tranches saw mixed performances in the secondary space with the secured tranche falling below par while the unsecured tranche traded with a healthy premium.
Mattamy Group Corp.’s 4 5/8% senior notes due 2030 (B1/BB) were largely stuck at par.
American Airlines Group Inc.’s 3¾% senior notes due 2025 (B1/BB-/BB-) traded well below their issue price with concern about the impact of the coronavirus on the airline weighing on investors.
Freeport-McMoRan Inc.’s recently priced 4 1/8% senior notes due 2028 and 4¼% senior notes due 2030 (Ba1/BB) continued to trend lower in active trading.
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