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Norwegian, Nine Energy price; Genesis holds gains; other junk bond names off
By Paul A. Harris and Abigail W. Adams
Portland, Me., Jan. 19 – Norwegian Cruise Line brought a drive-by junk bond deal to market on Thursday and Nine Energy Service, Inc. moved a smaller $300 million offering off of the calendar.
Meanwhile, investor sentiment continued to sour on Thursday as the United States hit its debt limit, raising the specter of a potential default.
While selling in the market was orderly with the high-yield market continuing to hold up well compared to equities, the cash bond market fell ¼ to ½ point, sources said.
New paper remained in focus with many notes continuing to give back the gains made from a strong break.
Genesis Energy, LP/Genesis Energy Finance Corp.’s 8 7/8% senior notes due 2030 (B2/B) closed Thursday off their highs, although the notes were able to maintain a healthy premium despite the heaviness in the market.
However, Bombardier Inc.’s 7½% senior notes due 2029 (B3/B-) fell about ¾ point with the notes now trading with only a nominal premium to their issue price.
DISH Network Corp.’s 11¾% senior secured notes due 2027 (Ba3/B+) also dropped about ¾ point with the notes closing the day on a 102-handle.
Crestwood Midstream Partners LP and Crestwood Midstream Finance Corp.’s 7 3/8% senior secured notes due 2031 (Ba3/BB) gave back all gains since breaking for trade with the notes closing Thursday wrapped around par.
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