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Tenneco on junk deck; Rain Carbon outperforms; Veritext gains; Frontier rises on earnings
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 4 – The domestic high-yield primary market was quiet on Friday with the exception of one long-awaited announcement.
Tenneco Inc. scheduled an investor call to address some of the hung debt from Apollo’s leveraged buyout of the company in 2022.
Meanwhile, the secondary space closed the week on firm footing with the cash bond market adding ¼ to 3/8 point following the latest U.S. nonfarm payrolls report, which presented a mixed picture of the labor market.
In recent issues, Rain Carbon Inc.’s new 12¼% senior secured second-lien notes due 2029 (B3/B) outperformed in light volume with market players chasing the chunky yield offered by the tightly allocated notes.
VT TopCo, Inc.’s (Veritext) new 8½% senior secured notes due 2030 were also putting in a strong aftermarket performance with the notes continuing to rise after a strong break.
Carnival Corp.’s recently priced 7% first-priority senior secured notes due 2028 (Ba2/BB-) continued to improve in heavy volume with the notes lifted by improved market conditions.
Frontier Communications Holdings LLC’s senior notes were the major gainers of Friday’s session after the telecommunications company posted earnings.
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