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No junk pricings, but calendar builds; new Alcoa busy; Neiman Marcus off on earnings
By Paul Deckelman and Paul A. Harris
New York, Sept. 26 – The high yield primary sphere swung into the last trading week of September on a quiet note, with no new issues heard to have been priced.
However, syndicate sources said that the forward calendar grew, with new dollar-denominated transactions expected soon from Quality Care Properties, Inc., Mohegan Tribal Gaming Authority and Crescent Communities. LLC.
Among recently priced names, traders saw continued busy activity in last week’s two-part megadeal from Alcoa, Inc., as well as Friday’s issue from AMN Healthcare, Inc.
Away from the new deals, retailer Neiman Marcus Group Inc.’s bonds gyrated around at mostly lower levels after the high-end department store operator reported disappointing quarterly earnings.
News that Chemtura Corp. is being sold pushed that chemical company’s bonds and shares up on Monday.
Statistical market performance measures were mixed on Monday for a second straight session, which was the third mixed session in the last five trading days. They had turned mixed on Friday, after having been firmer across the board on Wednesday and again on Thursday.
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