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European primary active; WeWork deal ‘leaves a sour taste’; Sprint up on merger talk
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 27 – While no new dollar-denominated deals have priced since Wednesday with the market in the heart of an earnings season blackout, several are expected for the coming week.
Neptune Energy has been roadshowing a $500 million offering for which marketing is expected to wrap up on May 1.
The European primary market remained active on Friday with Tele Columbus AG and Perform Group Ltd. pricing deals.
The secondary market closed the week on a firm footing after a couple of volatile days, a source said.
However, WeWork Cos. Inc.’s newly priced 7 7/8% senior notes due 2025 (Caa1/B+/BB-) continued to sink lower with the notes seen more than 2 points below their issue price in high volume trading.
The deal “leaves a sour taste,” a market source said.
While WeWork dominated secondary market activity on Friday, Sprint Corp.’s 7 5/8% senior notes due 2026 (B3/B) were also major volume movers with the notes up 3 points on repots that a merger agreement with T-Mobile was imminent.
Of the deals that priced over the past week, Jagged Peak Energy Inc.’s new notes continued to see improvements while new notes from Netflix and Flora Food Group were slightly weaker.
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