HY secondary extends rally; Twitter tops par; Sprint’s 2023 notes trade; SPX Flow stalls

By Paul A. Harris and Abigail W. Adams

Portland, Me., March 17 – No issuers unexpectedly turned up in the junk bond primary market on Thursday and the calendar deal from SPX Flow Inc. (Redwood Star Merger Sub. Inc.) has yet to price after a day of last-minute alterations and cuts.

Meanwhile, the secondary space extended its rally Thursday with the market gaining another 3/8 to ½ point, sources said.

Twitter, Inc.’s recently priced 5% senior notes due 2030 (Ba2/BB+) topped par in active trading on Thursday after hitting their lowest level since pricing earlier in the week.

Sprint Corp.’s 7 7/8% senior notes due Sept. 15, 2023 were active on Thursday although with little change in price as the short-duration notes switched hands.

Energy credits were also on the rise as crude oil futures again shot above $100 a barrel with Transocean Inc.’s 8% senior notes due Feb. 1, 2027 and Occidental Petroleum Corp.’s 6.45% senior notes due 2036 gaining in active trading.

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