Trading light; Altice USA backs off gains; Teva active but flat; funds add $800 million

By Paul A. Harris and Abigail W. Adams

Portland, Me., July 5 – The domestic high-yield primary market was again dormant on Friday with sources not expecting a resurgence of activity until midway through the July 8 week.

Meanwhile, the secondary space was at a standstill on Friday with reported volume of less than $800 million towards the market close.

While volume was light compared to previous sessions, Altice USA, Inc. subsidiary CSC Holdings, LLC’s recently priced 5¾% senior due 2030 (B3/B) were again the major volume mover in the secondary space, as they have been for most of the week.

Teva Pharmaceutical Industries Ltd.’s 6¾% senior notes due 2028 were among the few issues to see concentrated trading activity although the notes were largely flat.

United States Steel Corp.’s 6¼% senior notes due 2026 remained active on Friday with the notes coming in slightly from their previous gains.

High-yield mutual funds and exchange-traded funds – considered a reliable barometer of overall liquidity trends in the junk market – saw their fourth consecutive inflow with $800 million entering the space for the week ended Wednesday, according to fund-flow statistics generated by AMG Data Services Inc.

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