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McDermott launches; Freedom Mortgage, American Greeting on tap; Tesla rises; Charter drops
By Paul A. Harris and Abigail W. Adams
Portland, Me., April 3 – There was low news volume from the primary market on Tuesday with no high-yield deals pricing on the day.
While expected to price on Tuesday, new deals from McDermott International Inc. and American Greetings Corp. were delayed.
Freedom Mortgage Corp. started a one-day roadshow for a $500 million offering, which is expected to price on Wednesday.
While new paper has not yet entered into Junkbondland this week, Ply Gem Holdings Inc.’s 8% senior notes due 2026, which priced on March 29, continued to perform well in active trading.
Tesla Inc.’s 5.3% senior unsecured notes due 2025 (Caa1/B-) were again the major volume movers of the secondary space on Tuesday, this time with the notes rebounding more than 2 points.
While Tesla rebounded, Charter Communications Inc.’s junk bonds dropped 1 to 2 points with the telecommunications company pricing $2.5 billion in new investment grade notes and negative headlines piling up.
Daily cash outflows of high-yield bond funds were negative on Monday with cash being put to work in high-yields slowing, a market source said.
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