Junk secondary strengthens; Navacord tucked away; Frontier lifted; Teva moves higher

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 3 – The domestic high-yield primary market was quiet on Friday after an active week when $5.75 billion priced in nine tranches.

Meanwhile, it was risk-on in the secondary space on Friday with the cash bond market rising another ½ to ¾ point to wipe out weekly losses and close with gains.

Buyers were returning to the space amid alleviated rate-hike concerns, a source said.

Jones DesLauriers Insurance Management Inc.’s, a broker partner of Navacord Inc., 8½% senior secured notes due 2030 (B2/B-/B+) made large gains in the aftermarket.

However, volume in the name was light with the notes tucked away, sources said.

Frontier Communications Holdings, LLC’s 8 5/8% first-lien senior secured notes due 2031 (B3/B/BB+) were lifted after a weak break with the notes closing Friday with a healthy premium.

Frontier’s older tranches were also on the rise in active trade as the telecommunications sector recovered from a heavy month.

Teva Pharmaceutical Finance Netherlands III BV’s dollar-denominated tranches (Ba2/BB-/BB-) shot higher with both tranches breaking above a 101-handle during Friday’s session.

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