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European primary eyed; Refinitiv, Envision trade down; Frontier rebounds; XPO pares losses
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 14 – With the domestic primary market expected to remain closed until 2019, all eyes are on the new deals the new year will bring.
While the U.S. primary market is expected to produce modest new deal volume of $10 to $15 billion in January, the European primary is expected to be busy and is primed to pull out of the current market slump ahead of the United States, sources said.
Meanwhile, the secondary space was soft on Friday with a sell-off in equities that saw the Dow Jones industrial average closing down 459 points.
Refinitiv’s and Envision Healthcare Corp.’s junk bonds, which priced in closely watched LBO financing deals, continued to trade at a deep discount to their issue prices in the secondary space.
Envision’s 8¾% senior notes due 2026 (Caa1/B-) gave back some of the gains seen on Tuesday after the extension of its contract with UnitedHealthcare.
Frontier Communications Corp.’s 7 1/8% senior notes due March 15, 2019 rebounded in active trading on Friday, wiping out the losses from Thursday’s session.
XPO Logistics, Inc.’s junk bonds were mixed in active trading on Friday after dropping on a short-seller report on Thursday.
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