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Post-holiday HY issuance a mystery; secondary trading anemic; At Home active post-earnings
By Paul A. Harris and Abigail W. Adams
Portland, Me., July 1 – The new issue bourse remained quiet on Friday as the approaching Independence Day holiday leeched from the high-yield bond market what little liquidity remained in the wake of June's high volatility, sources said.
Friday's only new issue news came out of Europe with the pricing of £600 million equivalent of 888 Acquisitions Ltd. senior secured notes (B1/B) in fixed-rate and floating-rate tranches pushed into the coming week.
While the future direction of the market remains unclear, few were making moves on Friday in the secondary space.
The lack of liquidity continued to cause large price swings in certain credits, both to the upside and downside.
DCP Midstream Operating, LP’s 5 1/8% senior notes due 2029 (Ba1/BB+) and TransDigm Group Inc.’s 5½% senior subordinated notes due 2027 (B3/B-) made large gains in thin volume.
However, Callon Petroleum Co.’s senior notes saw large losses with the company’s most recently priced 7½% senior notes due 2030 (B3/B/B+) hitting their lowest level since pricing.
Ambience Merger Sub, Inc.’s (At Home Group, Inc.) secured and unsecured notes were active after the company reported earnings.
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