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Two junk deals price; Carvana lags; QTS, Centene, GCI flat; funds lose $4.22 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., Sept. 24 – A pair of issuers priced single dollar-denominated tranches in the high-yield primary on Thursday, raising a combined total of $1.1 billion.
Meanwhile, losses continued to mount for the secondary space with selling pressure continuing to drive the market lower.
With an influx of new issuance, new paper once again dominated the tape.
However, in stark contrast to previous weeks where the majority of new deals performed well in the aftermarket, the new paper was flat to lagging their issue prices.
Carvana Co.’s two tranches of senior notes (Caa2/CCC+) were seen well below their issue price.
Centene Corp.’s 3% senior notes due 2030 (Ba1/BBB-/BB+), QTS Realty Trust, Inc.’s 3 7/8% senior notes due 2028 (Ba3/BB) and GCI, LLC’s 4¾% senior notes due 2028 (B3/B) fell flat in active trading.
However, Global Partners LP’s 6 7/8% senior notes due 2029 (B2/B+) were putting in a strong performance with the notes trading with a healthy premium.
Meanwhile, funds saw their first substantial outflow since July.
High-yield mutual and exchange-traded funds saw $4.217 billion leave the space through Wednesday’s close.
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