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Junk downtrend resumes; Carvana plunges on mass firing; Coinbase falls; Fresh Market up
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 11 – Junk bond issuers continue to shun the primary market on a quiet Wednesday.
Meanwhile, the relief in the secondary space on Tuesday proved to be short-lived with selling pressure resuming on Wednesday as the market digested the latest Consumer Price Index report.
While April’s inflation rate of 8.3% reflected a month-over-month decrease, the figure was still above expectations for a rate of 8.1%.
From recent issues, Frontier Communications Holdings, LLC’s new 8¾% first-lien secured notes due 2030 (B3/B/BB+) closed well off the highs of the day, the notes maintained a large premium despite the pressure in the market.
However, Carvana Co.’s 10¼% senior notes due 2030 (Caa2/CCC) plunged after the used car e-commerce company announced mass layoffs.
Coinbase Global, Inc.'s two tranches of senior notes (Ba1/BB+) also fell following earnings with the shorter duration tranche sinking more than 9 points in heavy volume.
However, Fresh Market, Inc.’s 9¾% senior notes due 2023 (B3/B-) were a bright spot in the market with the notes reclaiming par following news Chilean retail group Cencosud had purchased a majority stake in the grocery store chain.
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