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Focus turns to inflation panic; PBF higher; Wesco advances; Midas paper up 9 points
By Cristal Cody
Tupelo, Miss., Feb. 10 – Some distressed bond issues saw gains in the secondary market on Thursday as volatility soared after the United States reported the strongest rash of inflation since 1982 and fueled anticipation of a major interest rate hike in 2022.
PBF Energy Inc.’s 7¼% senior notes due 2025 (Caa1/B/B-) traded over 1 point better to near the 86 bid area, a market source said.
Secondary volume hit over $14.5 million on Thursday.
Wesco Aircraft Holdings Inc.’s 9% senior secured notes due 2026 (Caa3/CCC+) moved up about 4¼ points to 91¾ bid with the issue trading 8½ points higher this week.
Wesco’s 8½% senior secured notes due 2024 (Caa3/CCC+) also improved nearly 1 point to under the 87¼ bid area on $10.65 million of volume during the session.
The 7 7/8% senior notes due Oct. 1, 2022 (C/CC) from Midas Intermediate Holdco II LLC, doing business as Service King, jumped 9 points following news reports the company is in talks for a possible restructuring or bankruptcy filing.
The issue was quoted at 84 bid on light trading totaling $2 million, down from 99¼ bid at the end of January.
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