In junk bonds, Talen in focus on potential bankruptcy filing; Novolex improves; Yum! weakens

By Paul A. Harris and Abigail W. Adams

Portland, Me., April 1 – It was a quiet to start to the quarter in the high-yield primary market with no deals pricing and no deals announced.

The first quarter of 2022 was the lightest volume quarter for new issuance in half a decade. However, a robust calendar may be on its way, a source said.

The secondary space opened the new quarter just as quietly with the cash bond market unchanged in a session with light trading activity.

New and recent issues and topical news were the drivers of trading activity in the space.

Talen Energy Supply LLC’s senior notes dominated the tape on Friday with the notes mixed on news the company was trying to secure debtor-in-possession financing for a bankruptcy filing.

Clydesdale Acquisition Holdings, Inc.’s (Novolex) recently priced tranches remained active with the unsecured notes improving during Friday’s session.

However, Yum! Brands, Inc.’s 5 3/8% senior notes due 2032 (Ba3/BB) gave back their gains with the notes again dropping below par on Friday.

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