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Secondary quiet but firm; TreeHouse improves; Windstream at a premium
By Paul A. Harris and Abigail W. Adams
Portland, Me., Aug. 28 – The domestic high-yield primary market remained shuttered on Friday with the Aug. 24 week the lowest week for new deal volume since March.
Sources predict the lull in new deal activity may last until after the Labor Day holiday.
Meanwhile, the secondary space was equally quiet on Friday with the market closing out one of the slowest weeks of the year with light trading volume.
However, while quiet, the market remained firm with spreads hitting their tightest level since the sell-off in March.
TreeHouse Foods, Inc.’s 4% senior notes due 2028 (Ba2/BB-) remained active on Friday with the notes again on the rise.
Windstream Communications’ 7¾% first-lien senior secured notes due 2028 (B3/B) firmed in active trading over the past two sessions with the notes regaining a premium after launching the week below par.
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