Junk bond rally continues; Twitter improves; AMC jumps; rate-sensitive names higher

By Paul A. Harris and Abigail W. Adams

Portland, Me., Feb. 25 – While the high-yield secondary space closed a head-spinning week on firm footing, the primary market remained sidelined with only one deal clearing the market throughout the week.

BellRing Distribution, LLC withdrew its planned offering of $840 million 10-year senior notes (B3/B), citing market volatility.

However, deals are expected in the coming week.

Meanwhile, the tone in the secondary space continued to improve on Friday as a risk-on sentiment returned to the market.

The market gained another 3/8 point on Friday to close a volatile week that saw the high-yield market break to new lows with gains, a source said.

Twitter, Inc.’s 5% senior notes due 2030 (Ba2/BB+), the first deal to hit the secondary space in over a week, continued to dominate activity with the notes improving alongside the broader market.

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) jumped in active trading.

Several rate-sensitive names were also improved in active trading on Friday as buyers reentered the space.

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