Junkland: G-III Apparel tanks; CSC under pressure; Mohegan rises; funds out $1.712 billion

By Paul A. Harris and Abigail W. Adams

Portland, Me., Dec. 1 – As the junk bond primary was quiet, the secondary space was in focus and continued to add after surging on Wednesday after Federal Reserve chair Jerome Powell reignited the market’s dovish pivot hopes.

Exchange-traded fund buying continued to lift the space with offers-wanted-in-competition lists outnumbering bids-wanted-in-competition 4 to 1.

Without new paper, topical and earnings-related news were the drivers of trading activity.

G-III Apparel Group Ltd.’s 7 7/8% senior secured notes due 2025 (Ba3/BB) were the name of the day with the notes plummeting to a new all-time low post-earnings.

Altice USA Inc. subsidiary CSC Holdings LLC’s junk bonds were under pressure after the company dropped a planned asset sale.

Mohegan Gaming & Entertainment 8% senior secured notes due 2026 continued to shoot higher after a debt exchange for Mohegan Tribal Gaming Authority’s 7 7/8% senior notes due Oct. 15, 2024.

Meanwhile, high-yield mutual and exchange-traded funds had outflows of $1.712 billion in the week through Wednesday’s close, according to the Refinitiv Lipper US Fund Flows report.

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