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Junk strength continues; Ford higher; Rockcliff skyrockets on takeover news; NGL gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 4 – The junk bond new issue market remained quiet on Wednesday.
Meanwhile, strength in the secondary space continued into Wednesday.
The cash bond market added another ½ point in the second trading session of 2023.
While the previous two sessions were strong and the secondary space launched the new year in positive territory, sources were skeptical of the rally.
The first half of the year is expected to be volatile, sources said.
The new paper from Ford Motor Credit Co. LLC was putting in a strong aftermarket performance with the notes trading at premiums to their discounted issue prices.
It was a strong day for the energy sector with topical news sending certain issues soaring.
Rockcliff Energy II LLC’s 5½% senior notes due 2029 (B3/B+/B+) were the best performing issue in the secondary space with the notes climbing more than 5 points amid takeover reports
NGL Energy Operating LLC/NGL Finance Corp.’s 7½% senior secured notes due 2026 (B2/BB-) were in focus with the notes making large gains on raised guidance.
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