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Secondary retests lows; Carvana reclaims 97-handle; CommScope up; HY funds out $1.1 billion
By Paul A. Harris and Abigail W. Adams
Portland, Me., May 5 – While the domestic high-yield primary market remained dormant on Thursday, the European market continued to generate some news.
Loarre Investments Sarl is expected to bring an €850 million offering of seven-year senior secured notes (Ba3//BB) and Europcar Mobility Group announced plans for a €150 million offering.
Meanwhile, the secondary space was retesting its lows on Thursday after taking a round-trip following Wednesday’s “head fake” rally, a source said.
Despite the pressure on the market, the selling activity in the secondary space remained orderly with some opportunistic buyers stepping in, a source said.
Carvana Co.’s 10¼% senior notes due 2030 (Caa2/CCC) continued to dominate trading activity with the notes returning to a 97-handle after nearly clawing their way back to par.
CommScope, Inc.’s senior notes were a bright spot during a brutal session with the network infrastructure provider’s capital structure on the rise after a surprise earnings beat.
However, Colt Merger Sub, Inc.’s (Eldorado Resorts Inc.) 8 1/8% senior notes due 2027 (Caa1/CCC+) were under pressure in heavy volume following earnings.
Outflows continued to pressure the secondary space with high-yield mutual and exchange-traded funds losing $1.102 billion in the week through Wednesday’s close, according to the Refinitiv Lipper US Fund Flows report.
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