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Callon drives-by, 2023 notes top par; forward calendar grows; MicroStrategy down again
By Abigail W. Adams
Portland, Me., June 21 – The domestic high-yield primary market saw an active session with one drive-by deal pricing and several more joining the forward calendar on Monday.
Callon Petroleum Co. priced $650 million of seven-year senior notes (Caa2/CCC+) in a drive-by.
The new paper traded at a premium to their issue price on the break; however, they remained on a par-handle.
Callon’s 6¼% senior notes due 2023 popped above par for the first time in more than 1.5 years after the refinancing deal was announced with proceeds to be used to take out the 6¼% notes.
While only one deal cleared the primary market on Monday more than $3 billion joined the forward calendar.
Freedom Mortgage Corp., ITT Holdings LLC and VMED O2 UK Financing I plc were among the larger offerings announced on Monday.
Meanwhile, it was an uneventful day in the secondary space with the cash bond market largely unchanged and trading volume light.
MicroStrategy Inc.’s 6 1/8% senior secured notes due 2028 (B1/B-) were again under pressure alongside the price of Bitcoin.
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