Risk off in high-yield secondary; Energizer, Twitter below par; Macy’s ‘melts’; BellRing falls

By Abigail W. Adams

Portland, Me., March 4 – The domestic high-yield bond primary market was quiet on Friday with the forward calendar empty heading into the coming week.

While there was some activity over the past week with four deals totaling $2.19 billion clearing the primary space, new issuance has been sidelined by the volatility in markets, sources said.

While the deals to price over the past week were putting in strong performances despite the pressure on the market, they gave up most of their gains during Friday’s session.

Energizer Holdings, Inc.’s new 6˝% notes due 2027 (B2/B) sank below par on Friday after trading with a small premium on the break.

Macy's Retail Holdings LLC’s two tranches of senior notes (Ba2/BB/BBB-) fell to a par-handle on Friday, their lowest level in the aftermarket since breaking for trade.

BellRing Distribution, LLC’s 7% senior notes due 2030 (B3/B) also fell to a par-handle after closing out the previous session on a 102-handle.

Twitter, Inc.’s 5% senior notes due 2030 (Ba2/BB+) were also under pressure on Friday and sank below par in active trading.

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