Carpenter Technology prices in junkland; Kraft Heinz gains rising star status; Endo plummets

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 11 – A very quiet week in the high-yield new issue market closed out on Friday with a single deal clearing the market.

Carpenter Technology Corp., a name on the calendar, brought new paper as expected.

Meanwhile, the secondary space remained volatile on Friday with a strong open giving way to a weak close, sources said.

The market ended the day down about ˝ point with credit spreads once again blowing past 400 as accounts de-risked heading into the weekend, sources said.

While the overall market was softer on Friday, Kraft Heinz Co.’s senior notes were boosted in active trading as the company reclaimed investment-grade status.

Endo International plc’s junk bonds were the worst performers of Friday’s session with the company’s capital structure down another 2 to 5 points as it continues to get hammered by opioid litigation.

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