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Four issuers sell $2.55 billion; Macy’s in demand; Clearway at a premium; Murphy Oil lags
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 3 – The domestic high-yield primary market had four single-tranche deals totaling $2.55 billion clear the market on Wednesday.
The deals were in demand despite the volatility that was again rattling risk assets.
Compass Group Diversified Holdings LLC, Owens & Minor, Inc., and Comstock Resources, Inc. were among the issuers to tap the market on Wednesday.
Meanwhile, the secondary space was soft with investors again rattled by the rising 10-year Treasury yield.
However, the market held up well compared to the sell-off in equities, a source said.
New paper remained in focus although the deals to clear the primary market on Tuesday were putting in mixed performances.
Macy's Retail Holdings LLC’s 5 7/8% senior notes due 2029 (B1/B) were in demand in the secondary space with the notes continuing to gain after a strong break the previous session.
While coming in from the heights reached after breaking for trade, Clearway Energy Co.’s 3¾% senior notes due 2031 (Ba2/BB) were also trading at a healthy premium to their issue price.
However, Murphy Oil Corp.’s 6 3/8% senior notes due 2028 (Ba3/BB/BB+) dropped below par in active trading.
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