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Forward high-yield calendar grows; secondary soft; Endo, Callon, MultiPlan trade down
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 8 – With a quiet high-yield bond primary backdrop, it was a soft day in the secondary space with the cash bond market down about 1/8 point.
However, while the market was soft, volume was light, with the selling pressure limited to riskier credits, a source said.
Endo Finance LLC’s senior notes were selling off in active trading as the opioid litigation facing the company ramped up.
Callon Petroleum Co.’s recently priced 8% senior notes due 2028 (Caa2/CCC+) were also under pressure with the notes returning to a par-handle.
The sell-off in MultiPlan Corp.’s 5¾% senior notes due 2028 (B3/B-) intensified on Thursday with the notes down almost 4 points on the week.
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