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Junk primary moves $2.82 billion; 10-year Treasury move surprises market; Tap Rock gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 23 – The speculative-grade new issue market continued to generate a hefty news volume on Thursday.
Six issuers priced single-tranche deals, raising a grand total of $2.82 billion.
Meanwhile, the risk-on sentiment that propelled equity markets higher on Thursday was not shared in the secondary junk bond space as a surprise hike in the 10-year Treasury yield caught many by surprise, a source said.
While the overall cash bond market was still well-bid due to ETF buying, there was some selling by real money players with rate-sensitive names under pressure, the source said.
While the cash-bond market was up as much as ¼ point early in the session, it closed well off the highs of the day.
Brookfield Property REIT Inc.’s 4½% senior secured notes due 2027 (B1/BB+) were among the names under pressure on Thursday with the notes lagging their issue price.
Wabash National Corp.’s 4½% senior notes due 2028 (B2/B) were slightly softer on Thursday although the notes continued to trade with a slight premium to their issue price.
Match Group’s 3 5/8% senior notes due 2031 (Ba3/BB) fell flat in the aftermarket.
However, Tap Rock Resources, LLC’s 7% senior notes due 2026 (B3/B) climbed higher on Thursday as crude oil futures increased.
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