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Junk primary sells $1.65 billion; MicroStrategy weakens; CVR, SunCoke on a 101-handle
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 9 – Wednesday's session in the new issue market generated a steady flow of news.
Three issuers came with drive-by deals, pricing a combined total of $1.65 billion in three tranches.
All three deals upsized.
Executions were solid or better, with one deal coming inside of talk, while the other two priced at the tight ends of talk.
Meanwhile, the secondary space remained largely flat on Wednesday ahead of the highly anticipated Consumer Price Index report on Thursday, which will provide clues about the Federal Reserve’s next steps.
New paper continued to dominate the tape.
After a strong break, MicroStrategy Inc.’s 6 1/8% senior secured notes due 2028 (B1/B-) gave back all of their gains and stood poised to close the day at par.
However, SunCoke Energy, Inc.’s 4 7/8% senior secured notes due 2029 (B1/BB) and CVR Partners, LP/CVR Nitrogen Finance Corp.’s 6 1/8% senior secured notes due 2028 (B2/B) remained strong with both issues closing the day on a 101-handle.
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