Bioventus moves in junk primary; Carvana needs a tow; Mineral Resources at a premium

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 28 – It was Bioventus LLC’s turn in the spotlight on Thursday in the subdued junk bond primary market.

Meanwhile, the high-yield secondary market felt firmer on Thursday although volume in the space remained thin outside of recent issues.

While Treasuries have been the focus of the market, earnings are now taking center stage with the results thus far mixed, a source said.

Carvana Co.’s senior notes continued to dominate the tape.

The used car e-commerce company’s new 10¼% senior notes due 2030 (Caa2/CCC) remained under water despite a firm day for the market with its existing notes continuing to trend lower.

While volume in the tranches was light, Mineral Resources Ltd.’s recently priced tranches (Ba3/B+/BB) continued to trade with a slight premium.

Outside of recent issues, Pilgrim’s Pride Corp.’s 3½% senior notes due 2032 (B1/BB+) were on the rise following earnings after hitting an all-time low earlier in the week.

Meanwhile, outflows from high-yield mutual and exchange-traded funds tempered over the past week with funds losing $118 million through Wednesday’s close, according to the Refinitiv Lipper US Fund Flow report.

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