Junk bonds pare daily loss, gain over week; Citrix retracts; Option Care, McAfee gain

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 2 – The domestic high-yield primary market put up a goose egg for the post-Thanksgiving week with no deals priced or announced on Friday.

Meanwhile, the high-yield secondary space remained resilient on Friday after a stronger-than-expected U.S. non-farm payroll report called into question the risk-on rally sparked by Federal Reserve chair Jerome Powell’s Wednesday comments.

While the cash bond market opened the day down ½ point, it pared its losses to close the day only nominally softer, sources said.

There was a burst of bids-wanted-in-competition lists following the release of the non-farm payrolls report; however, buyers quickly emerged with offers-wanted-in-competition lists once again outnumbering BWICs by a large ratio.

Citrix Systems Inc./Tibco Software Inc.’s 6½% senior secured notes due 2029 (B2/B) pulled back after hitting a new all-time high the previous session.

Option Care Health, Inc.’s 4 3/8% senior notes due 2029 (B3/B-) made strong gains on Friday.

Condor Merger Sub, Inc.’s (McAfee Corp.) 7 3/8% senior notes due 2030 (Caa2/CCC+) also made large strides upward in a busy session for the issue.

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