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Junk: Cetera trades to premium; Ardagh drags down Trivium; Hawaiian Airlines lower
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 27 – The high-yield bond new issue market remained idle on Friday after three dollar-denominated, speculative-grade tranches priced for a $2.44 billion weekly total.
Meanwhile, the secondary space remained indecisive following the latest Personal Consumption Expenditure report.
In trading action, Cetera Financial Group Inc.’s 10% senior secured notes due 2030 (B2/B) were trading with a strong premium in heavy volume.
Ardagh Holdings USA Inc.’s senior notes leveled off on Friday after the post-earnings sell-off of the previous session.
However, the sell-off spread to Ardagh’s affiliates which were under pressure on Friday.
ARD Finance SA’s 6.5% senior secured toggle notes due 2027 (Caa3/B-) plunged more than 6 points in active trade.
Trivium Packaging Finance BV’s 8½% senior notes due 2027 (Caa2/CCC+) were dragged down 2 to 3 points in heavy selling.
Post-earnings selling also continued in Hawaiian Airlines’ 5¾% first-lien senior secured notes due 2026 (Ba3) which sank another 2 points in heavy volume.
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