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Trading light as market rout continues; credit spreads widen; Washington Prime Group trades down
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 18 – The domestic high-yield primary market remained shuttered and trading activity in the secondary space muted on Wednesday with the policy response to the coronavirus outbreak doing little to provide lasting relief to capital markets.
Credit spreads continued to blow out with three of the four largest daily spread widenings in history occurring in the last two weeks.
Crude oil futures continued to crater with WTI crude oil futures seeing its third worst day in history on Wednesday.
WTI crude oil futures dropped 24% in intraday trade before settling at $22.39, a decrease of $4.56 or 16.92%.
While the secondary space continued to move lower and returns sank further into negative territory, some sellers were unwilling to offload their positions at Wednesday’s levels, a source said.
“Some people that wanted to sell yesterday won’t sell today at current prices,” the source said.
Washington Prime Group Inc.’s 6.45% senior notes due 2024 were one of the most actively traded issues in the secondary space on Wednesday with the shopping center REIT’s junk bonds trading down.
Dish Network Corp.’s 7¾% senior notes due 2026 also traded off several points in high-volume activity.
TransDigm Group Inc.’s 6¼% senior notes due 2026 moved down to an 89-handle on Wednesday after trading with a premium as recently as last week.
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