European primary active; TPC Group sells-off; Teva rebounds; California Resources improves

By Paul A. Harris and Abigail W. Adams

Portland, Me., Nov. 27 – The domestic high-yield primary market was dormant on Wednesday with the flurry of new issue activity over the past few weeks tempering due to the Thanksgiving holiday.

However, the European primary market was active with WEPA Group and Assemblin joining the forward calendar.

The secondary space was equally quiet on Wednesday with trading volume less than half the normal amount.

While liquidity was light, some names were active due to company-specific news.

TPC Group’s 10˝% senior notes due 2024 were in focus on Wednesday with the notes selling off following an explosion at one of the company’s chemical plants.

Teva Pharmaceutical Industries’ junk bonds continued to see high-volume activity with the notes again rebounding after whipsawing between gains and losses throughout the week.

California Resources Corp.’s junk bonds also improved on Wednesday with analysts defending the company’s stock in the face of California’s moratorium on fracking.

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