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Junk bond primary market stalls as deals awaited; Venture Global’s new notes ‘busy’
By Paul A. Harris and Cristal Cody
Portland, Ore., May 30 – The high-yield bond primary market failed to reactivate on Tuesday, trailing the extended Memorial Day holiday weekend in the United States.
Two deals remain on the active forward calendar, carried over from the pre-Memorial Day week.
In the secondary market, Venture Global LNG Inc.’s reopened 8 1/8% senior secured notes due June 2028 (B1/BB/BB-) were quoted going out ¼ point better on the day.
“That one’s busy,” a trader said.
The notes were seen trading in the par 7/8 to 101 1/8 context.
Another high-yield name that continued to grab secondary focus was Icahn Enterprises LP with the company’s senior notes (Ba3/BB) trading modestly better to about 2 points higher on the day.
The 6¼% senior notes due 2026 added 2 points on $13.5 million of volume in the company’s most active issue.
“The high-yield market was better bid,” a trader said Tuesday, attributing the gains to the debt ceiling agreement announcement over the holiday weekend.
The iShares iBoxx High Yield Corporate Bond ETF added 32 cents, or 0.43%, to $74.34.
In other junk trading, Viking Cruises Ltd.’s 5 7/8% senior notes due 2027 (Caa2/B-) were down about ½ point as one of the most heavily traded junk issues moving in the secondary market Tuesday, a source said.
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