Macy’s warmly welcomed; BellRing strong in HY trading; energy names up; Charter tumbles

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 2 – The domestic high-yield bond primary market returned to action on Wednesday with Macy's Retail Holdings LLC’s pricing of a two-tranche offering.

Meanwhile, the secondary space firmed on Wednesday with the cash bond market up ¼ to 3/8 point as buyers returned to the space.

BellRing Distribution, LLC’s recently priced 7% senior notes due 2030 (B3/B) were putting in a strong performance in the aftermarket with the notes reclaiming a 102-handle.

While the overall market was strong, rate-sensitive names did not participate in the rally with the 10-year Treasury yield again on the rise following Federal Reserve Chair Jerome H. Powell’s testimony to Congress.

Charter Communications’ split-rated senior notes tumbled as a stock downgrade compounded pressure on the rate-sensitive name.

While surging crude oil futures fueled the inflationary concerns that were driving down rate-sensitive names, energy credits continued to climb higher.

Comstock Resources, Inc.’s 6¾% senior notes due 2029 (B3/B) continued to rebound an all-time low in last week’s sell-off.

AMC Entertainment Holdings, Inc.’s 10% senior secured second-lien notes due 2026 (Caa3/CCC-) also recouped their losses and returned to a 93-handle in active trading following earnings.

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