HY secondary returns plunge past negative 10%; Coinbase dives further; Carrols pressured

By Paul A. Harris and Abigail W. Adams

Portland, Me., May 12 – The dollar-denominated new issue market remained sidelined on Thursday with only one deal clearing the market over the past week and the forward calendar empty.

However, the European market continued to generate news with Loarre Investments Sarl in the market with an €850 million two-tranche offering of seven-year senior secured notes (Ba3//BB).

Meanwhile, it was another brutal day in the secondary space with the cash bond market down 3/8 point as returns plunge past negative 10%.

Frontier Communications Holdings, LLC’s 8¾% first-lien secured notes due 2030 (B3/B/BB+) continued to come in from their heights with the notes falling to a 101-handle.

Losses continued to mount for Coinbase Global, Inc.'s senior notes (Ba1/BB+) with the notes approaching distressed levels.

Carvana Co.’s 10¼% senior notes due 2030 (Caa2/CCC) were volatile after Wednesday’s plunge with the notes launching the day with losses but closing largely unchanged.

However, Carrols Restaurant Group, Inc.’s 5 7/8% senior notes due 2029 claimed the title of the worst performing issue of Thursday’s session with the notes down 7 points following disappointing numbers.

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