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Junk bond issuance resumes; Yum! holds; Wesco jumps on recapitalization, LABL down
By Paul A. Harris and Abigail W. Adams
Portland, Me., March 30 – In the junk bond primary market on Wednesday, a calendar deal downsized, a drive-by deal upsized and an add-on offering was well-received.
Meanwhile, it was a relatively quiet day in the secondary space with the market pausing after Tuesday’s strong rally.
The cash bond market was unchanged to slightly softer on the day with one session left before accounts close the books on a brutal first quarter.
While the market is set to end the quarter off its lows, returns are still hovering around negative-5%.
Trading activity in the secondary space was light with new issues, topical and earnings-related news the main drivers of activity in the space.
Yum! Brands, Inc.’s 5 3/8% senior notes due 2032 (Ba3/BB) remained active with the notes holding onto their gains from the previous session.
LABL, Inc.’s 8¼% senior notes due 2029 (Caa2/CCC+) were under pressure following earnings.
Wolverine Escrow’s junk bonds (Wesco Aircraft Holdings Inc.) saw a boost following a recapitalization which reduced the outstanding principal amount of the company’s 2024 notes.
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