Twitter prices; selling pressure unabated in junk secondary; Tenneco, Renewable Energy jump

By Abigail W. Adams and Paul A. Harris

Portland, Me., Feb. 23 – In the teeth of capital markets turbulence being generated by geopolitical and financial headlines the high-yield drive-by market reactivated with Twitter Inc. making an appearance on Wednesday.

Meanwhile, selling pressure continued to drive down the secondary space which opened Wednesday unchanged but closed down about 1/8 point, sources said.

The situation in the Ukraine compounded pressure on a market already in the process of repricing itself amid a higher-rate environment.

Despite the pressure in the market, some credits saw enormous moves to the upside on Wednesday due to merger and acquisition activity.

Tenneco Inc.’s capital structure skyrocketed following news Apollo Global Management would acquire the automotive parts manufacturer.

Renewable Energy Group Inc.’s 5 7/8% senior secured notes due 2028 (B2/BB) also jumped in active trading as speculation mounts that the company is a takeover target.

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