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Drive-by deals dominate junk session; Ritchie trading at a premium; Charter tumbles
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 8 – The high-yield primary market was booming on Wednesday as four issuers priced one-day deals over the course of the session.
A deal that bumped up against the $1 billion mark also priced. The deal had been in the market since late last week.
Meanwhile, the rally in the secondary space waned on Wednesday with the market launching the day strong but losing steam as the session progressed.
While the market was up about ¼ point at the open, it closed the day largely unchanged with the 10-year Treasury yield again breaking 1.5%.
The trajectory of the closely-watched benchmark Treasury note dipped as low as 1.427% during Wednesday’s session but closed the day at 1.526%.
While the notes closed the day well off their highs, Ritchie Bros. Holdings Inc.’s 4¾% senior notes due 2031 (Ba3/BB) continued to trade at a large premium to their issue price.
Outside of recent issues, Weatherford International Ltd.’s 8 5/8% senior notes due 2030 (B3/B-) jumped in active trading following a ratings upgrade.
Charter Communications’ senior notes were under pressure on Wednesday with the capital structure tumbling 2 to 3 points.
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