Secondary weakens; CSC Holdings hits new low; Tegna lower on acquisition delay

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 19 – The high-yield primary market remained quiet as what is expected to be the final week for possible new issuance in 2022 got underway, sources said.

No deals priced.

No deals were announced.

The active new issue calendar remained empty at Monday's close.

The new issue bourse is unlikely to resume operations before the new year, market sources say.

Meanwhile, the secondary space continued to weaken on Monday with the Federal Open Market Committee’s final meeting of December 2022 dashing hope for the dovish pivot that drove market rallies throughout the year.

While the market opened Monday unchanged, selling pressure set in midway through the session with cash bonds down another 3/8 point by Monday’s close.

However, liquidity continued to dry up in the secondary space as the market entered into the final days of the year.

Altice USA Inc. subsidiary CSC Holdings LLC’s junk bonds hit a new low on Monday with the notes incurring heavy losses since its parent company abandoned a planned asset sale in early December.

Tegna Inc.’s 5% senior notes due 2029 (Ba3/BB) were weaker in active trade with Standard General LP’s acquisition of the company still under regulatory review.

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