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Junk deals keep coming as calendar page turns; Rakuten skyrockets; UKG, Kodiak at premiums
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 31 – News volume remained intense in the junk bond primary market on Wednesday.
Dollar-denominated issuers raised $2.5 billion, completing deals that had been marketed by means of (mostly brief) roadshows.
The secondary space had a slightly heavy tone heading into the market close.
However, it remains strong with spreads “very tight” and new paper still coming with yields that are historically high, a source said.
Rakuten Group, Inc.’s 11¼% senior notes due 2027 (BB) skyrocketed in the aftermarket with the notes pricing at a discount but breaking above a 101-handle during Wednesday’s session.
UKG Inc.’s new 6 7/8% senior secured notes due 2031 (B2/B-/BB) added to gains after a strong break in heavy volume on Wednesday.
Kodiak Gas Services, LLC’s 7¼% senior notes due 2029 (B2/B+/BB) also maintained the strong gains made on the break despite some heaviness in the market.
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