Junk bond calendar grows; Perrigo drops on bid for HRA Pharma; Wesco sell-off accelerates

By Paul A. Harris and Abigail W. Adams

Portland, Me., Sept. 8 – While no deals cleared the domestic high-yield primary market on Wednesday, the forward calendar continued to grow.

ASP Unifrax Holdings, Inc. and Allegheny Technologies both began roadshows on Wednesday for two-tranche offerings.

Meanwhile, the secondary space remained unchanged on Wednesday despite the risk-off sentiment that pervaded other risk assets with equities closing the day firmly in the red.

Volume remained light with little selling in the market although there were pockets with some de-risking taking place, a source said.

Topical news remained a primary driver for activity in the space.

The sell-off in Wolverine Escrow’s junk bonds (Wesco Aircraft Holdings Inc.) intensified on Wednesday.

Perrigo Co. plc’s 3.15% senior notes due 2030 were under pressure after the company announced a $2.1 billion bid acquisition bid for HRA Pharma.

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