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High yield: Calendar builds; Square in focus, tranches mixed; Tenet lags; Mueller gains
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 19 – Another $1.13 billion of junk bonds cleared the market on Wednesday and the just over $5 billion of upcoming business was added to the new issue calendar.
Meanwhile, it was a soft day in the secondary space as concern about inflation and a shift away from easy-money policies sparked a flight from risk assets.
While the secondary space was off about ¼ point, volume outside of recent issues was light with few sellers in the market, a source said.
“No one wants to sell on a down day,” the source said.
New paper continued to dominate the tape with recent deals following different trajectories.
Square, Inc.’s two tranches of senior notes (Ba2/BB/BB) were in focus with the short-duration notes trading with a premium while the company’s longer duration notes lagged in intraday activity.
Tenet Healthcare Corp.’s 4¼% senior secured first-lien notes due 2029 (B1/B+/B+) were also lagging their issue price in high-volume activity.
Intertape Polymer Group Inc.’s 4 3/8% senior notes due 2029 (Ba3/B+) were coming in from the heights reached after breaking for trade with the notes dropping back down to a par-handle.
However, Mueller Water Products, Inc.’s 4% senior notes due 2029 (Ba1/BB) outperformed despite the down day for the market and traded up to a 101-handle.
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