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Junk bond trading volatile; Square falls on short-seller report; DISH, Citrix weaken
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 23 – The dollar-denominated new issue junk bond market remained quiet on Thursday, although some players are watching for a moderate reopening, should secondaries hold in, sources say.
Meanwhile, it was a volatile day in the secondary space with buyers lifting the market early in the session but selling taking hold as the session progressed.
Topical news and large liquid issues remained the drivers of trading activity in the space with the new issue calendar drying up.
Block Inc., formerly known as Square, Inc., was the name of the day in several asset classes with the company’s capital structure under pressure following a short-seller report.
Block’s junk bonds sank 3 to 5 points after Hindenburg Research accused the fintech company of overstating user counts and catering to criminals.
DISH Network Corp.’s 11¾% senior secured notes due 2027 (Ba3/B+) continued their strong downtrend with the high-beta name falling to a 92-handle.
Citrix Systems Inc./Tibco Software Inc.’s 6½% senior secured notes due 2029 (B2/B) gave back their gains from the previous session with the notes falling more than 1 point after a strong uptrend over the course of the week.
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