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Uniti accelerates pricing; junk secondary rips; DISH, Citrix hit new heights; Medline up
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 2 – The first junk bond deal of February in the dollar market, from Uniti Group LP, was a blowout with the deal wrapped and delivered faster than expected.
Meanwhile, the secondary space ripped on Thursday as the strong upward momentum sparked by Federal Reserve chair Jerome Powell’s Wednesday press conference gained momentum.
The cash bond market climbed more than 1 point on Thursday with some pockets of the market “up a lot more,” a source said.
Activity surrounding new paper slowed on Thursday with large, liquid issues dominating trading activity in secondary trading.
DISH Network Corp.’s 11¾% senior secured notes due 2027 (Ba3/B+) were the most actively traded issue on Thursday with the notes jumping to a new all-time high.
Citrix Systems Inc./Tibco Software Inc.’s 6½% senior secured notes due 2029 (B2/B) also set a record all-time high during the session.
Medline Industries Inc.’s junk bonds were also on the rise in heavy volume with the health care company’s secured tranche outperforming.
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