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Junk: Acushnet prices; Sitio Royalties holds; Transocean flat; Hanesbrands pressured
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 27 – One junk bond issuer, Acushnet Holdings Corp., used the Wednesday U.S. dollar market to bring a new offering.
Meanwhile, it was another heavy day in the secondary space as heavy selling hit Treasuries and lifted yields to new 52-week highs.
The market launched the day strong with cash bonds up about 1/8 point and Treasuries flat, a source said.
However, selling set in midsession as the market continues to grapple with the potential for an additional rate hike before the year comes to an end and a higher-for-longer rate environment.
The cash bond market shed early gains and closed the day down ¼ to 3/8 point with the CDX index off ¾ point, a source said.
While the broader market remained heavy on Wednesday, new and recent issues continued to put in notable performances.
Sitio Royalties Corp.’s 7 7/8% senior notes due 2028 (B3/B/BB-) held on to the premium gained on the break despite a heavy day for the market.
Transocean Aquila Ltd.’s 8% senior secured first-lien notes due 2028 (B2/B) fell flat in the aftermarket with the notes continuing to trade in a tight range around their issue price in heavy volume.
Outside of recent issues, Hanesbrands, Inc.’s 9% senior notes due 2031 (B1/B+) hit a new all-time low in active trade as the company explores strategic options for one of its businesses.
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