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Junk gives back gains; Borr Drilling holds premium; Worldpay falls; Tenet active
By Paul A. Harris and Abigail W. Adams
Portland, Me., Oct. 25 – With risk-free rates renewing their ascent the junk bond new issue market remained idle on Wednesday with no hard news on the deals on the active forward calendar.
Meanwhile, it was a heavy day in the secondary space with the rally of the previous two sessions short-lived.
Equity indexes had heavy selling with the tech-heavy Nasdaq dropping 2.43%, its largest single-day decline in 2023.
The cash bond market held in comparatively well and closed the day down 1/8 to ¼ point.
However, the CDX index was off ½ point.
While the broader market was heavy, Borr Drilling Ltd.’s new senior secured notes (B3/BB-/B) were putting in a strong performance in the aftermarket with the notes trading at a premium to their discounted issue price.
GTCR W-2 Merger Sub LLC’s 7½% senior secured notes due 2031 (Ba3/BB/BBB-) backing the buyout of Worldpay sank alongside the broader market with the notes hitting a new low.
Tenet Healthcare Corp.’s first-lien senior secured notes (B1/BB-/BB-) were active with the notes lower day-over-day but still up on the week as the health care services company stares down earnings.
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