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NRG junk bonds lose, Vivint gains on acquisition news; Citrix downtrend continues
By Paul A. Harris and Abigail W. Adams
Portland, Me., Dec. 6 – With a backdrop of a quieted junk bond primary market, it was another red day in the secondary space with the cash bond market off ¼ to 3/8 point as the market continued to reassess the dovish pivot rally of the previous week.
While the market was soft, it continued to hold well in the face of heavy selling in equities, sources said.
With no new domestic paper to trade, large, liquid issues and topical news were the driving forces of trading activity.
NRG Energy, Inc. and Vivint Smart Home Inc. (APX Group Holdings Inc.) were the names of the day after NRG announced its $2.8 billion acquisition of the home security company.
NRG’s junk bonds (Ba2/BB+) were taking a hit on the acquisition with its junk bonds down 2 to 4 points to rank among the largest losers of Tuesday’s session.
However, Vivint’s 5¾% senior notes due 2029 (Caa1/CCC) surged almost 7 points on the news with the notes the major gainers of Tuesday’s session.
Citrix Systems Inc./Tibco Software Inc.’s 6½% senior secured notes due 2029 (B2/B) continued their downtrend after setting an all-time high the previous week.
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