Happy post-Thanksgiving recovery day to all who celebrate! We’ll keep this wrap short.

Primary markets tend to slow down during this holiday week, so our focus was mostly on the secondary market as private companies such as City Brewing and Alvogen posted quarterly numbers.

Beverage maker City Brewing reported higher earnings but lenders are concerned about how little of that is translating into free cash flow.

Generic drug producer Alvogen reported continued improvement after a poor 2022, despite a legal setback that, incidentally, bodes well for fellow high yield issuer Bausch + Lomb.