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Three junk issuers in primary; Callon weakens; L Brands gains; Diamond Sports stressed
By Paul A. Harris and Abigail W. Adams
Portland, Me., June 22 – Three issuers, each bringing a single dollar-denominated tranche of junk, raised a combined total of $2.5 billion on Tuesday.
Meanwhile, the secondary space was slightly firmer on Tuesday as Federal Reserve chair Jerome H. Powell again assuaged investors’ concern about inflation in testimony before Congress.
New paper continued to dominate the tape with Callon Petroleum Co.’s 8% senior notes due 2028 (Caa2/CCC+) one of the most actively traded issues in the secondary space.
However, the notes were coming in slightly on Tuesday as crude oil futures retreated from their recent heights.
While new paper remained the focus of secondary market activity, there was good volume and notable price movements in some outstanding issues.
L Brands, Inc.’s senior notes were making large gains in active trading as the company moves closer to its goal of spinning off the Victoria’s Secret brand.
Diamond Sports Group LLC’s senior notes were under pressure in active trading following reports that parent company Sinclair Broadcasting Group Inc.’s talks with creditors about restructuring the debt had stalled.
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