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Junk primary quiet; Genesis Energy, Summit Materials at a premium; Equitrans soars
By Abigail W. Adams
Portland, Me., Dec. 1 – The domestic high-yield bond primary market was quiet on Friday after capping one of the busiest months of 2023 for new deal activity.
The secondary market continued to add as it entered the final weeks of the year with the cash bond market up 1/8 to ¼ point, a source said.
ETF buying continued to lift the broader space with ETF market makers circulating sizeable offers-wanted-in-competition lists, a source said.
New paper remained in focus with the deals to price over the past week putting in strong aftermarket performances.
While off the heights reached on the break, Genesis Energy, LP and Genesis Energy Finance Corp.’s new 8½% senior notes due 2029 (B3/B) continued to trade at a strong premium to their discounted issue price.
Summit Materials, LLC and Summit Materials Finance Corp.’s new 7¼% senior notes due 2031 (Ba3/BB) continued to add to gains after a strong break the previous session.
While new and recent issues drove volume, Equitrans Midstream Corp.’s senior notes (Ba3/BB-) had the largest price movement with the notes jumping 3 to 6 points on news the company was exploring a sale.
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