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Junk euro primary active; Ball holds premium; Northern Oil flat; Tempur Sealy down on acquisition
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 9 – The dollar-denominated primary market was dormant on Tuesday.
While the dollar-denominated market was quiet Tuesday, the euro-denominated market was active with offerings from Crown European Holdings S.A. and Centurion Bidco SpA pricing.
Meanwhile, it was another soft day in the secondary space.
Ball Corp.’s new 6% senior notes due 2031 (Ba1/BB+) held on to the nominal gains made after breaking for trade despite a soft day for the market.
Northern Oil and Gas, Inc.’s 8¾% senior notes due 2031 (B2/B+) continued to flatline on Tuesday with the notes wrapped around their discounted issue price.
Outside of new paper, topical and earnings-related news continued to jumpstart activity in certain credits.
Tempur Sealy International Inc.’s 3 7/8% senior notes due 2031 (Ba2/BB/BB+) were under pressure in heavy volume after the company announced a $4 billion leveraged buyout of Mattress Firm.
Sinclair Television Group Inc.’s senior notes were the largest losers of Tuesday’s session after reporting earnings the previous week.
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