Pharma space under pressure; Rackspace higher; Tallgrass negative; oil names rise

By James McCandless and Paul A. Harris

San Antonio, Aug. 28 – High -yield secondary trading saw more focus on pharma and energy tranches.

Teva Pharmaceutical Industries Ltd.’s and Endo International plc’s notes trended lower amid news that a competitor is in talks to settle all opioid-related lawsuits against it for billions.

Meanwhile, software name Rackspace Inc.’s issues moved up after the company held a conference call on its latest earnings report.

In energy, Tallgrass Energy LP’s paper dropped after a majority shareholder offered the company a buyout deal that would take it private.

As oil futures gain, Oasis Petroleum Inc.’s and Diamond Offshore Drilling, Inc.’s notes rose in kind.

In telecom, Vodafone Group plc’s issues gained.

While the primary market remained quiet, the pipeline started to hum with names as Sept. 3 approaches and activity is expected to resume.

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