Junk: Martin Midstream prices; CCO at a nominal premium; Mauser rises; Ford lifted

By Paul A. Harris and Abigail W. Adams

Portland, Me., Jan. 31 – Martin Midstream Partners LP and Martin Midstream Finance Corp. brought the curtain down on a bigger-than-expected January 2023 in the high-yield new issue market with a $400 million issue of five-year senior secured second-lien notes (Caa1/B/B).

Meanwhile, it was a strong day in the secondary space with the cash bond market shaking off early weakness to close the day with a ½ point gain.

The employment cost index report, which reflected a deceleration in wage growth, fueled the market’s rally ahead of the Federal Open Market Committee’s Wednesday rate-hike decision.

From the recent deal list, Charter Communications, Inc. subsidiaries CCO Holdings, LLC and CCO Holdings Capital Corp.’s new 7 3/8% senior notes due 2031 (B1/BB-) maintained a nominal premium in heavy volume on Tuesday, although the notes saw little price movement since breaking for trade.

Mauser Packaging Solutions Holding Co.’s new 7 7/8% senior secured first-lien notes due 2026 (B2/B) continued to gain after a strong break with the heavy demand seen during bookbuilding following the notes into the secondary space.

Outside of new issues, Ford Motor Credit Co. LLC’s senior notes (Ba2/BB+) were lifted in heavy volume after the surprise earnings beat of industry peer General Motors.

© 2015 Prospect News.
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