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Altice USA gains continue; Sirius XM active; Montage Resources trades up; U.S. Steel gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 3 – The domestic high-yield primary market remained dormant on Wednesday, which is how it is expected to remain until the July 8 week.
However, the European market did see one large junk deal price.
Commerzbank AG priced $1 billion of 7% perpetual junior subordinated fixed-rate Tier 1 paper (expected ratings Ba3/BB) in an oversubscribed offering, sources said.
Meanwhile, the secondary space was equally quiet during Wednesday’s truncated session with volume extremely light as many began the July 4th holiday early.
However, the secondary space closed out the session on strong footing as equity indexes broached new heights and crude oil futures recovered from Tuesday’s drop.
Altice USA, Inc. subsidiary CSC Holdings, LLC’s recently priced 5¾% senior due 2030 (B3/B) remained in focus with the notes continuing their upward momentum.
While many of the recent deals were tucked away and slow to trade, Sirius XM Radio Inc.’s 5½% senior notes due 2029 (Ba3/BB) saw a fresh round of activity with the notes climbing about ½ point.
Montage Resources Corp.’s 8 7/8% senior notes due 2023 were among the major gainers of Wednesday’s session with the notes up more than 2 points.
United States Steel Corp.’s junk bonds were active and also posting gains following news the U.S. would impose duties on steel imported from Vietnam.
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