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Volvo prices junk euro deal; Macy’s, Victoria’s Secret fall; Nordstrom gains; Twitter down
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 24 – While the domestic high-yield primary market remained dormant on Tuesday, the European market continued to churn out offerings.
Volvo Car AB priced a €500 million issue of 4¼% six-year unsecured green bonds (Ba1/BB+) at a discount on Tuesday.
Tuesday marked another volatile day for the secondary space with the market opening the day in the red but closing with gains with a declining 10-year Treasury yield helping to bolster the space, sources said.
While the overall market gained steam heading into the close, retailers remained among the worst performing sectors in the market.
Victoria's Secret & Co.’s 4 5/8% senior notes due July 2029 (B1/BB-) and Macy's Retail Holdings LLC’s senior notes (Ba2/BB) continued their downward trend on Tuesday with both retailers’ earnings reports fast approaching.
While the retail sector remained under pressure on Tuesday, Nordstrom, Inc. broke the trend with the luxury department store chain’s 5% senior notes due 2044 on the rise after a surprise earnings beat.
Twitter, Inc.’s 5% senior notes due 2030 (Ba2/BB+) saw a fresh round of activity on Tuesday with the notes hovering just above their all-time lows as social media companies come under pressure following an earnings warning from industry peer Snap Inc.
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