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Junk secondary rally pauses; Uniti holds strong premium; Nordstrom gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., Feb. 2 – The primary market, which put up $7.6 billion of new issuance in five junk-rated dollar-denominated tranches during the January-February crossover week remained quiet on Friday.
Meanwhile, the secondary space gave back some gains from its post-Fed rally after a surprisingly strong U.S. nonfarm payrolls report.
The cash bond market was off about 3/8 point on Friday, a source said.
However, the market closed the week with strong gains.
The Uniti Group LP, Uniti Fiber Holdings Inc., Uniti Group Finance 2019 Inc., CSL Capital, LLC 10½% senior secured notes due 2028 (B2/B/BB+) dominated activity in the secondary space.
While the notes gave back some gains from a strong break on Thursday in intraday activity on Friday, they closed the day largely unchanged.
Nordstrom, Inc.’s senior notes were on the rise in active trade following news activist investor Ryan Cohen had amassed a sizeable stake in the company and was plotting a leadership shakeup.
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