Junk market receptive to new MicroStrategy notes; Sirius XM in focus; Booz Allen gains

By Paul A. Harris and Abigail W. Adams

Portland, Me., June 8 – The junk bond market got an opportunity for a backdoor entry to Bitcoin investing on Tuesday with a novel new issue from MicroStrategy Inc.

Meanwhile, it was another uneventful day in the secondary space with the market largely flat and volume outside of recent issues light.

While the secondary space remained flat on Tuesday, there was still an air of anxiety as the market awaits the latest Consumer Price Index report due on Thursday.

The latest reading on inflation may be the impetus that breaks the secondary space out of its current range, a source said.

However, new issues continued to be the area where accounts were putting their money to work.

Sirius XM Radio Inc.’s 4% senior notes due 2028 (Ba3/BB) were in focus with the notes trading up to a 101-handle.

Booz Allen Hamilton Inc.’s 4% senior notes due 2029 (Ba2/BB-) were also putting in a strong performance in the secondary space.

While activity in the name died down on Tuesday, Marriott Vacations Worldwide Corp.’s 4½% senior notes due 2029 maintained the large premium reached after breaking for trade.

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